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Canada looking into Bitcoin risk factors

Canada looking into Bitcoin risk factors

Canada looking into Bitcoin’s risk factor, Bill Morneau says

Source: The Star
Author: Josh Wingrove

Meanwhile, decades-old tax rules with no specific provisions for digital currencies are being applied to a fast-changing, online technology that presents its own complications.

OTTAWA—Canadians trading bitcoin shouldn’t hold their breath waiting for specific rules on how they’ll be taxed.

Finance Minister Bill Morneau, speaking on the sidelines of the World Economic Forum in Davos, said Canada isn’t planning changes to existing tax code to deal with cryptocurrencies. But some observers say the rules leave too much room for uncertainty about Bitcoin, which in Canada can essentially be treated as money, a commodity or even income.

“We don’t have any specific Bitcoin or cryptocurrency overhaul” in the works, Morneau said.

The main focus on Bitcoin is “making sure that we understand what’s going on underneath that market, to make sure that we aren’t introducing any risks into our economy, whether they be risks like money laundering or terrorist financing.” As an investment, he said, Bitcoin’s tax treatment “isn’t unique in any way.”

Read the full article here.

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