Cryptocurrency Q&A
Why crypto is illegal in Canada?
Why crypto is illegal in Canada?
MysticEchoFirefly
Sat Mar 30 2024
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7 answers
1654
I'm somewhat perplexed. I've been hearing a lot about cryptocurrencies lately, and I understand that they're becoming increasingly popular all over the world. However, I've also heard that in Canada, cryptocurrencies are considered illegal. This seems rather contradictory to me. Could you please explain why crypto is illegal in Canada? Is there a specific law or regulation that makes it so? And what are the consequences for those who engage in crypto activities in Canada? I'm really interested in understanding the reasons behind this legal status.
7 answers
isabella_cole_psychologist
Sun Mar 31 2024
Individuals are legally allowed to purchase and own cryptocurrencies in Canada.
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GyeongjuGrace
Sun Mar 31 2024
Cryptocurrencies are legal in Canada.
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Dario
Sun Mar 31 2024
The Canadian Revenue Agency (CRA), the country's tax collection agency, does not accept cryptocurrencies as a form of payment for taxes.
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Isabella
Sun Mar 31 2024
They are not considered legal tender, meaning they cannot be used to pay taxes or debts to the government.
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Andrea
Sun Mar 31 2024
This means that taxpayers must convert their cryptocurrencies into fiat currency (such as Canadian dollars) to pay their taxes.
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