Canada Welcomes Bitcoins, Pardons Strict Money Laundering Laws

Canada Welcomes Bitcoins, Pardons Strict Money Laundering Laws
Canada Welcomes Bitcoins, Pardons Strict Money Laundering Laws

After the highly dramatic mishap last week, with US government authorities seizing funds of the leading Bitcoin exchanges of America, it seems like Canada’s Financial Investigations Unit is all fine when it comes to Bitcoins.

The speculation is further bolded with the letters from the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) to various renowned Bitcoin exchanges, which explained that the former is fine in exempting strict money laundering laws, reported by The Register.

In a complete opposite scenario, US financial authorities have seized the account of Mt. Gox, claiming their transactions as “unlicensed money service business.” FINTRAC, somehow, thinks that the exchanges are not actually money service businesses, instead they are more about trading in a new form of elements. Therefore, they must be excused from laws governing over money laundering issues.

Having been thrashed from head to toe by America, this yet might be good news for Bitcoin exchanger companies. Canada is likely to be the safest place for them to continue with their services, only if FINTRAC holds it policy.

Since its inception and introduction in 2009, Bitcoin has seen many Ups and Downs regarding its credibility. But it is unfair to comment over the virtual currency when it comes on its rising popularity, positive or negative.Bitcoin has yet managed to trade and exchanged in billions and is speculated to mount further in future. What matters now is who will be next in accepting Bitcoins, like Canada?

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