Canada: Bitcoin is Not Legal Tender

Español Yesterday, an official from Canada’s finance department stated that the digital currency bitcoin is still not recognized as legal tender. Regarding bitcoin, which has recently gained enormous popularity internationally, the official said that “only bills and coins from Canadian banks are recognized as legal tender in Canada. Bitcoin digital ‘currency’ is not legal tender in Canada.”

According to the official, the Canadian government, along with regulators including the central bank and the Office of the Superintendent of Financial Institutions, will continue to monitor developments involving virtual currencies. However, he declined to comment on whether or not the government plans to allow bitcoin to be exchanged if they are converted into coins first.

Earlier this week, the second bitcoin ATM opened in Canada allowing users to exchange bitcoin for Canadian dollars and vice versa. Approximately 100 businesses in the country accept bitcoin as a form of payment, according to CoinMap, a website registering the world-wide use of bitcoin.

Source: Wall Street Journal.

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