Bitcoin has undoubtedly become the world first decentralized digital currency; it uses cryptographic techniques to ensure secure online transactions. Since its release in 2010, it has grown to be a leading player in online transactions and is rapidly gaining legitimacy across the world. USA, Canada, Australia, Iceland among others are actively involved in bitcoin trade.
Among the more than 500 crypto-currencies available today, bitcoin still have the “first mover” advantage. Tax authorities and enforcement agencies worldwide are grappling with this phenomenon since its use has awakened the proliferation of online underworld activities like bitcoin casinos. This has been worsened by the fact that bitcoin is never issued, endorsed or regulated by any known commercial or central bank.
Just like their southern neighbors the USA, Canada has exhibited a rather bitcoin friendly stance since its release, laws have been enacted to ensure that crypto-currency are not used for money laundering p...!DOCTYPE>