{"id":297,"date":"2014-01-21T00:11:00","date_gmt":"2014-01-21T00:11:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/canada-and-israel-take-differen\/"},"modified":"2014-01-21T00:11:00","modified_gmt":"2014-01-21T00:11:00","slug":"canada-and-israel-take-different","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/01\/canada-and-israel-take-different.html","title":{"rendered":"Canada and Israel take a different approach to Bitcoin"},"content":{"rendered":"

(SiliconAngle<\/a>) Bitcoin gained a lot of momentum in 2013, as many people
\nexperimented with it for the first time. It\u2019s not surprising that 2014
\nalso started with a bang for Bitcoin, when its value hit close<\/a>
\n to $1,000. Some online shops have started accepting the cryptocurrency
\nas a form of payment, online sites use it so people can send donations,
\nand the Chicago Sun-Times has begun experimenting<\/a> with it to raise funds for the Taproot Foundation.
\n<\/p>\n

\nThough the digital currency is clearly gaining traction,
\nmany governments aren\u2019t too keen about accepting it as a legal tender
\njust yet. Both India<\/a> and China<\/a>
\n have both warned against Bitcoin in recent weeks, resulting in some
\nsignificant fluctuation of its value. But even though there\u2019s been some
\nstrong opposition in these countries, it seems that most others are open
\n to the possibility of Bitcoin becoming a legal currency in the future.<\/div>\n
\nTwo countries are currently keeping an eye on Bitcoin,
\nmonitoring what others are doing about it before coming up with a plat
\nas to how to approach the cryptocurrency.<\/div>\n
\nCanada\u2019s stand on Bitcoin<\/b><\/div>\n
\nIn a statement this weekend, Canada\u2019s finance department
\nclarified that only Canadian bank notes and coins are considered as
\nlegal tender. It doesn\u2019t consider Bitcoin as a legal tender, but that
\ndoesn\u2019t mean that the Canadian government doesn\u2019t see its potential,
\nreports The Verge<\/a>.<\/div>\n
\nFor now, Canadians can use Bitcoin to pay for online goods,
\n but not for paying taxes, and businesses will not be required to accept
\n it as a form of payment.<\/div>\n
\n\u201cSmaller, stand-alone payment systems for which there are
\nmany substitutes \u2014 like Bitcoin \u2014 should generally require much less
\nintensive oversight and regulation because they pose much less risk to
\nthe Canadian financial system as a whole,\u201d said Bank of Canada
\nspokesperson Alexandre Deslongchamps.<\/div>\n
\nIsrael\u2019s Wait and See approach<\/b><\/div>\n
\nIsrael is taking the same stand as Canada, waiting to see
\nhow it all unfolds, but this policy may change in the near future.
\n Currently, some financial institutions in Israel are already engaged in
\n Bitcoin transactions, but regulators haven\u2019t said a thing about it yet,
\n reports CoinDesk<\/a>.<\/div>\n
\nThe problem with this scenario is that it could attract
\nthat wrong kind of attention. Bitcoin could be used to dodge tax
\npayments and can even be useful for money laundering, but regulators
\nfeel like they don\u2019t currently need to take a stand regarding any form
\nof digital currency, since they are still trying to figure out what the
\nrest of the world will do with it.<\/div>\n
\n\u201cPeople who want to get their hands on bitcoin will always
\nsucceed, and it would be a pity if it were to occur in the shadows and
\nnot under the supervision of the banking system,\u201d Attorney Shiri Shaham,
\n who specializes in banking law, stated.<\/div>\n
\n<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(SiliconAngle) Bitcoin gained a lot of momentum in 2013, as many people experimented with it for the first time. It\u2019s not surprising that 2014 also started with a bang for Bitcoin, when its value hit close to $1,000. 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