Canada has a tendency to adopt different U.S. laws and general economical and political views. However, when it comes to new technology Canada has been more lenient towards adoption. The same could be said about Bitcoin.
The Bank of Canada, the Canadian Payments Association, and the Royal Bank of Canada experimented with a digital currency dubbed the CAD-coin back in 2016. Although nothing has happened with the CAD-coin this news is relatively unknown to most people, including the close knit crypto community.
Since then most major banks have banned the usage of personal and business accounts to buy Bitcoin, in many cases accounts have been closed due to Bitcoin purchases.
However, in both countries, Bitcoin is not illegal in fact Bitcoin is legal in Canada however it is unregulated. Regulations for digital currencies will be available in June 2020
The U.S. has stricter views on the currency. Although the currency is not banned the government has cracked down on many unlicensed cryptocurrency related businesses, projects, and individuals. There are task forces designated to deal with this type of activity.
That being said in both countries it is very easy to purchase Bitcoin and even to purchase it anonymously.
Buying Bitcoin in North America
In both Canada and the United States purchasing Bitcoin is done in the same fashion.
Peer to Peer
Buying Bitcoin can be done using a peer to peer platform. There are many platforms available for peer to peer transactions. The most well known platform would be Local Bitcoins. Buyers and sellers have a profile with ratings and they arrange a payment method. This does not have to be done on a platform. A person can find another person to buy or sell Bitcoin from and do a transaction. In the U.S. this could be an illegal activity and the appropriate licenses would be necessary. In Canada the government may frown upon this type of activity however it is not illegal.
Both countries are abundant with Bitcoin ATM’s. San Fransisco in the States and Vancouver in Canada are two global hubs for Bitcoin Atm’s and cryptocurrency in general. Different KYC procedures would apply depending on the machine and location. For instance, there are Bitcoin ATMs in Vancouver which allows a user to not be identified when purchasing or selling Bitcoin. In San Fransisco, the laws regarding Bitcoin ATMs will be different.
There are more options in the U.S. when it comes to online Bitcoin trading platforms. The biggest name would be Coinbase. However, there are dozens of well known online exchanges in the U.S. Canada only has a few online trading platforms that allow a user to purchase and trade Bitcoin.
Teller, Storefront, and Kiosks
There are only a handful of retail storefront exchanges to buy and sell Bitcoin worldwide. The advantage of these locations is that a client is dealing with a live person in a safe environment. A lot of things can go wrong with online transactions. Cryptocurrency can be difficult to grasp or even buy without someone’s help. Using online services can lead to cyber theft and scams while scams can happen with locations that allow face to face contact. It would be a lot easier to catch a person in the latter situation. A well known Bitcoin Retailer in Canada would be Vancouver Bitcoin.
Company Name: Vancouver Bitcoin
Contact Person: Yum Kasukawa
Email: Send Email
Phone: 604 559-9499
Address:202 1807 Burrard Street
State: BC V6J 1H9