Blog Archives

After customer backlash, Vault of Satoshi eliminates “selfie” requirement

Posted on 17th July, 2014

In an attempt to halt a flood of fraudulent transactions from the Interac payment system, Canadian digital currency exchange Vault of Satoshi (VoS) announced yesterday that it would be adding another layer to its customer-verification process. The concept was simple: Take a selfie while holding up a hand-written note and a government-issued ID. According to […]

TigerDirect rolls out bitcoin support for Canadian shoppers

Posted on 17th June, 2014

Earlier this year, online discount electronics retailer TigerDirect joined the then-small club of mainstream businesses to launch a bitcoin-payment option. Given that TigerDirect’s tech-loving core customer base has quite an overlap with the bitcoin community, the move was hugely popular, with the company seeing over $1 million in BTC-only sales in the first two months. […]

Report: 30 bitcoin ATMs to open in Vancouver

Posted on 17th June, 2014

The launch of a single bitcoin ATM is still relatively big news in the cryptocurrency world. At the moment, the machines are uncommon even on the streets of large cities, and practically unheard of in smaller ones. In Vancouver, Canada, a bitcoin startup called Quadriga CX has announced plans to make virtual currency ATMs as […]

Report: Bank of Canada not worried bitcoin will replace cash

Posted on 2nd May, 2014

Speaking with The Canadian Press, outgoing Bank of Canada second-in-command Tiff Macklem said that his organization isn’t worried about the impact of bitcoin on the banking sector. According to Macklem, bitcoin’s innovations and implications for monetary policy are speculative, and “far into the future.” Given the tiny global market cap, and immature ecosystem, Macklem says […]

Canadian virtual currency exchange VirtEx announces plan for bitcoin ATM network

Posted on 2nd May, 2014

In a message to customers released yesterday, Calgary-based virtual currency exchange VirtEx announced new plans to create a network of bitcoin ATMS across Canada. The company also announced an in-person bitcoin deposit and bill-payment option powered by U.S. payday-loan/check cashing/cash-for-gold service Money Mart. Although there is no specific timeline for the launch of the ATM […]

Canada to rule on a “case-by-case basis” for bitcoin taxes

Posted on 28th April, 2014

Following their southern neighbor’s lead, the Canada Revenue Agency (CRA) recently issued new guidance on how virtual currencies will be taxed in the country. The document cites related Supreme Court of Canada rulings relating to the Income Tax Act, and indicates specific tax precedents for both personal and business activities, further reinforcing bitcoin’s unique status. […]

Canadian Parliament committee hears from BitAccess and CaVirtex

Posted on 10th April, 2014

Bitcoin advocates met with Canada’s Senate Committee on Banking, Trade and Commerce yesterday to discuss the future of digital currency in the country. BitAccess co-founder Haseeb Awan, CaVirtex CEO Joseph David and Bitcoin Strategy Group partners Kyle Kemper and Victoria van Eyk met with lawmakers to discuss a wide range of bitcoin-related topics. The Senate […]

Canadian government ends MintChip digital currency experiment

Posted on 6th April, 2014

In the summer of 2012, the Canadian government and the Royal Canadian Mint announced a new, experimental digital payment system called MintChip. Although it was fundamentally different from bitcoin and the new crop of alt-coins that were only just beginning to generate a buzz in the online community, MintChip was an unusually progressive financial experiment […]

Canada’s Vault of Satoshi granted Money Service Business License

Posted on 26th March, 2014

Earlier this month, Canadian virtual currency exchange Vault of Satoshi announced it was ceasing all U.S. currency transactions due to ongoing issues with regulators. In recent weeks, the exchange has been focused on becoming a legitimate financial institution in Canada, even though there are few formal rules for how bitcoin fits into Canadian banking law. […]

Japanese banking giant Mizuho added to Mt.Gox lawsuits

Posted on 17th March, 2014

Two lawsuits against bankrupt bitcoin exchange Mt.Gox added Japanese “megabank” Mizuho as to their filings on Friday. According to both suits, one in the U.S. and the other in Canada, the lack of due diligence by the bank was an inherent part of the alleged three-year fraud at Mt.Gox. As Mt.Gox’s bank, Mizuho held most […]