“A loophole in Canadian law puts Bitcoin outside the scope of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the agency that monitors money services businesses. Business in Canada asked FINTRAC spokesman Peter Lamey why bitcoin exchanges and ATMs don’t fall into this category. He told us companies that deal in Bitcoin cannot be considered money services businesses under the current terms of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. As he said, money is defined as the ‘currency of a country’. Bitcoin belongs not to any one country, but to the Internet.”
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
Female soldier gets jail time for fleeing to Canada
The App That Can Help Prevent Asset Forfeiture
Greece's Futile Austerity
Death From Above: Navy Drone Logo Features Grim Reaper
“Zero Tolerance” — Mass Trials and Children Taken From Their Parents
The Google Executive Chairman on Private Drones vs. Government Armed Drones
Adam VS the TSA: Have they ever caught a terrorist?
Bill O’Reilly suddenly opposed to NSA surveillance he supported under Bush
Canadian Government to Divest ‘MintChip’ Digital Currency Program
Bitcoin Wallet Extension Disappears From Chrome Due To Anti-Malware
Bitcoin Processors Reconsider Marijuana Stance After FinCEN Ruling
Michigan: Municipalities Ignoring Voters' Will Regarding Marijuana Liberalization Measures
FBI Whistleblower Reveals Shocking Spy Secrets: Coleen Rowley
“What Is That Box?” — When The NSA Shows Up At Your Internet Company
Even who we’re in a drone war with is classified