‘We Don’t Plan Any Overhaul’ – Finance Minister
As a number of sources report Monday, the nation’s finance minister, Bill Morneau, stated the federal government “has no plans” to alter tack on how cryptocurrency is handled underneath Canadian tax legislation.
“We don’t have any particular Bitcoin or cryptocurrency overhaul,” he advised Bloomberg on the fringes of the occasion.
The feedback distinction with these of central financial institution chief Stephen S. Poloz, who, in a presentation in December, known as Bitcoin one of many issues that “retains him awake at night time” and cautioned on funding.
Instead of cementing hard-and-fast tax regulation in keeping with international locations comparable to South Korea this month, Morneau allied his view with these of UK prime minister Theresa May and US Treasury secretary Steven Mnuchin, each of whom targeted on illicit Bitcoin utilization issues on the WEF final week.
Morneau dedicated to “ensuring that we perceive what’s happening beneath that market, to ensure that we aren’t introducing any dangers into our financial system, whether or not they be dangers like cash laundering or terrorist financing.”
Canada Goes Blockchain For Air Travel
At the identical time, the federal government used the Davos occasion to formally announce its Blockchain-based traveller ID scheme in partnership with Accenture.
Known as “Known Traveller Digital Identity,” the scheme “utilises biometrics, cryptography and distributed ledger expertise to provide travellers management over, and the power to share their info with authorities upfront of journey for expedited clearance,” an official press launch states.
While nonetheless previous to mainstream implementation, a “proof of idea pilot” between two international locations is the following step in its highway to adoption, that part being run together with the Netherlands.
Canada’s minister of transport, Marc Garneau, commented:
Innovation is essential to enhancing international competitiveness, mobility and productiveness.
Leveraging new technological developments can help risk-based approaches to public security and safety, making air journey extra environment friendly whereas enhancing the journey expertise.
What do you concentrate on Canada’s method to cryptocurrency taxation? Let us know within the feedback under!
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