Canadian bitcoin enthusiast have a thing to celebrate as the country’s finance minister Jim Flaherty singled out bitcoin by name un his federal budget today, and announced forth coming laws that would regulate it.
“It is important to continually improve Canada’s regime to address emerging risks, including virtual currencies, such as Bitcoin, that threaten Canada’s international leadership in the fight against money laundering and terrorist financing,” said Flaherty in the budget document.
Not only bitcoin will obtain the regulation but also other decentralized digital currencies. The budget went on to promise “anti-money laundering and anti-terrorist financing regulations for virtual currencies, such as Bitcoin.”
When such laws emerge, they will most likely be developed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is the country’s financial intelligence unit, responsible for preventing money laundering and other financial acts that could support terrorism.
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