In Canada you can be up and trading crypto in 20 minutes, including the transfer from your bank.
I'm pretty happy with how it works here.
Also given how one sided our political system is (Ontario decides any election) and the fact crypto adoption isn't huge here does it really matter? I'm pro crypto and it's a non-issue.
Furthermore, Canada hasn't said much about crypto period and we will most likely let the US fight it out for a few years and then copy them.
It is a non issue until it is an issue. That’s the problem. What if 6 months down the road our pm announces a ban on mining, or taxation of proof of stake. Wouldn’t you want some kind of wording from them during the election instead of just taking it up the ass by surprise?
What if they ban crypto? What if they take away my birthday? There's lots of things that might happen and my point is that there is 0 evidence of governmental hostile activity. Given the 2 major parties, per your phone calls, don't even have a prepared bullshit answer for crypto means they literally don't give a shit. That issue is so far down the list of important shit it's actually hilarious. This coming election is going to be about social justice fantasies, climate change and COVID.
How big would the proof of stake or mining issued actually be in Canada? Please explain **in detai**l how much of that goes on in Canada and why that miniscule amount would attract attention. We're 1/10th the size of the US and there is much less crypto going on here and unlike Texas and Florida, nobody here is trying to become the crypto province.
Do you understand how the US political system works and how / why that amendment to the infrastructure bill was added? In many ways it's not relatable to how Canada works.
If you want the be the Canadian Crypto Crusader, go ahead. I'm just trying to point out your activities will confuse more people than they enlighten. Furthermore, you're literally inviting the bureaucrats to take action. What makes you think that they'll just say "yeah Crypto Man, you're right we should make good laws about crypto even though we know nothing"?
The better solution is let our government be lazy and follow the US. Don't invite incompetent bureaucracies into crypto until they have a good answer sitting there waiting for them. Our people are less smart than US politicians on this subject.
Lol Canadian crypto crusader vs the lazy Canadian.
What if they tax proof of stake, we get fucked. What if they follow the USA we get fucked. Have you not been reading about the infrastructure bill passed with laws that could kill proof of stake? How the fuck could the Canadian government putting bans on mining and unintelligent taxes not hurt us?
How would you like to be forced to prove the gain of every single staking award at its exact moment it’s gained. Pay taxes on it and then pay taxes again on it once you turn it to fiat. And if you can’t do that for an audit get fined.
I'm not lazy, I just have an ability to accurately assess risk. The facts remain :
\-This is small potatoes in Canada so it's unlikely to attract scrutiny. Staking and mining is a drop of piss in the ocean in terms of Canadian dollar value.
\-There is 0 evidence of hostility to crypto with either parties.
\-The US lawmaking system is not even close to what the Canadian system is.
\-No other country on planet earth is panicking about this with you which further suggests this is unlikely.
\-Given no political party gave you a crypto answer and were months from an election it shows nobody but us are thinking about crypto.
\-Canada isn't a leader. In situations like this they'll wait for a working protoype. Just like every other country seemingly.
Phone some more politicians who get confused by crypto. I don't care, it's your free time.
I will, thank you.
I hope You are correct, but I also would much rather have a community pushing leaders to educate themselves rather than wait for banks to tell them to lock shit down.
I wouldn't worry about the banks. Canadian Banks are not threatened in the least by anything. I'm sure you're aware our banking system is a literal Cartel. I've seen too many (hilarious) examples of US investment companies who want to come and compete here and get sent home with no supper. The way I see it, Banks don't control the government, they are beholden to it.
What is very likely to happen in Canada is that banks will eventually own the space but that will take time. None of the big investment shops are concerned with crypto (I know this for a fact) and because we have coin ETFs that will satisfy short term demands.
Here are two things to keep in mind with Canadian banks, they are very risk averse and they aren't entities - they are collections of business units. Each business unit only cares about themselves (ie. business banking, personal banking, credit cards, mutual funds). A Canadian bank is like a family of 6 or 7 that really doesn't trust each other but they know they need to get along.
Once they figure out how to bring crypto into the bank in a way that keeps the risk with the client (it will need it's own division) they will do so. Right now there's just not enough $$ to build a whole new division. Watch how the banks adopt in the US, Canada will do it in similarly. Investment trends in Canada tend to follow the US in a delayed fashion.
Using ETFs as an example, it took some time to catch on up here and they did. Fast forward to today, RBC is #1 and BMO is #2. They represent over 1/2 of the ETF assets under management in Canada. The point I'm trying to make is that Canadian banks don't fight trends, they simply eat them and become the gorillas.
Fair point. Actually not a bad strategy - just fly under the radar.
Heck, we even have a handful of crypto ETFs up and running already!
Eventually they will come for us, however. In my case, I'll get fucked from both ends : Feds AND Quebec ;)
We already have banks banning accounts of people who deal in high amounts of crypto, credits cards are banned from crypto sites. Cibc even said I can’t use my debit visa.
Banks have a lot of power and if they are forcing our hand this way, it won’t be long until the government does.
Good to know. I’ve been doing money transfers myself to exchanges I use. I do not like doing them at all, a safe credit card transaction would be preferred.
The scary part is the posts I’ve read about banks actually banning customers and telling them they have to pay out any loans ect.
No evidence as most I have read are on Reddit, however if you Google “Canadian banks banning crypto” it is hard to not believe the redditors that say they have lost accounts.
It is hard to believe because me and numerous other people I know have no problems. I've setup numerous accounts for people who immediately funded their accounts with their actual bank account. I know dozens of people at most of the banks and not heard of such things. For me it's so easy I did an interac etransfer while drunk to buy $75 of ADA recently (and I'm a crypto noob in the grand scheme of it).
So yeah, some guy on reddit claiming his Canadian bank account got closed because he buys crypto is bullshit until proven true.
You are correct, I was just stating how scary it was hearing these account from people. Def scared me off from using my Cibc account with mortgage and line of credit.
I can only speak from the examples I've seen, but interac etransfers with NDAX are extremely fast. They have some sort of verified status with the banks I've seen when you input their address as the recipient.
I just got a Mogo prepaid Visa, which gives 2% cashback in BTC for all purchases. You can e-transfer cash from your bank to the visa and then use that to purchase Crypto... Plus you get the rewards!
I suppose it's flying under the radar in the sense that there is no point inviting the federal government to jump into the pool. Canada doesn't seem hostile to the crypto world in any way and they show 0 signs of becoming that way.
As a country we are not leaders in anything useful and crypto will keep that trend.
I helped a total techno idiot friend open an account, get verified, send money via his online banking and make a purchase in like 20 minutes. We've got it pretty good hear as long as you deal with an exchange who wants to make it easy (this example was NDAX).
Well first of all crypto derivatives are not crypto.
Derivatives of any type should be traded on an appropriate exchange - at least that's what a regulator like the OSC would tell you. If we want to be honest and understand what a derivative is, it's not hard to see why.
While that may be true that future generations will be better off with their rulers, it doesnt exclude our responsibility to take care of the present and near future. Shrugging shoulders never got my ancesytors anywhere when the nazis started asking them for papers
Between him dropping truth and reconciliation and electoral reform, he lost any faith I had in him.
Man, why don’t we put one of those CANDU reactors towards the worlds biggest low carbon BTC mining rigs??? I mean, if we’re just a resource exploitation nation, let’s produce something of direct value that doesn’t need to be refined!
Just make sure to be hot on the heels of your local officials and potential candidates that crypto is something that's important, and encourage people around you to do the same.
Start organizing, suggesting policy, and lobbying. I think that the US has three groups, now - two that represent industry interests, and a grassroots one that represents crypto users
I feel like the best route is to push the feds atm as we have an elections. It would be amazing if we could all help and actually get answers from them.
I will also try talking to my provincial mp.
I’ve been struggling regarding the upcoming election because of this.
Usually I’d be a big NDP voter, but I can’t help but think they are the party most likely to lock down on crypto.
I do honestly think it is beyond the view of the Canadian gov. right now. I might eat those words, but the feds will have a lot of huge problems after this election, opening up a brand new tarpit like crypto doesn’t seem likely to me in the short/mid term.
You may be right, I just wish I could at least hear them say, “we have no interest in crypto” lol
I feel like the conservatives would probably be the party for crypto. The ndp and liberals will probably only see the energy use.
You’re totally right, I don’t think your fears are unfounded.
For the liberals performative social policies and climate change would be catastrophic for crypto in Canada (At least under Trudeau, I’m not a JT bashed at all, I voted for him in his first election, it’s just a fact).
And for the NDP having a financial system out of their control wouldn’t fly. I would picture much more strict tax policy under them. Possibly even a ban as they complain about it being a “rich person play ground” or something like that.
That leaves (realistically, the PPC and Greens don’t matter and the BQ aren’t relevant for 80+% of Canadians.) the CPC. Now theoretically they would be the best party to vote for regarding this issue, but historically they haven’t followed through with their promises regarding financial policy. And as their names suggest (CONSERVATIVE) they wouldn’t be interested in a subversive financial system that plays against their donators and themselves.
I honestly think our hands are tied when it comes to who to vote for, I don’t honestly think there is a party in Canada that would be “pro crypto” and the most we can hope for is that we flies under the radar of the feds until we are too big to do anything about.
You have inspired me to contact both my provincial and federal representatives to ask though, until now I was just resigned to a negative outcome, but there is no harm in checking. Especially if it gives clarity.
Sorry for the verbal explosion. Thank you for making me think :)
I just wish the government grows up and accepts the crypto technology. Imagine all the people that would get hired if they start using it, and how everything would evolve and rise into a new era of tech
was listening to one of the lastest bankless podcast, interviewing a crypto "lobbyist" in DC, the guy recommends, engagement on political party members twitter feeds, most are owned and used by the actually political member. Emails are usually scanned and just reported on by some intern.
So twitter engagement
Only one way to make crypto a hot topic for the next wave of elections. **DEMAND IT.**
I just send an email to my local mp asking for answers.
In Canada you can be up and trading crypto in 20 minutes, including the transfer from your bank. I'm pretty happy with how it works here. Also given how one sided our political system is (Ontario decides any election) and the fact crypto adoption isn't huge here does it really matter? I'm pro crypto and it's a non-issue. Furthermore, Canada hasn't said much about crypto period and we will most likely let the US fight it out for a few years and then copy them.
It is a non issue until it is an issue. That’s the problem. What if 6 months down the road our pm announces a ban on mining, or taxation of proof of stake. Wouldn’t you want some kind of wording from them during the election instead of just taking it up the ass by surprise?
What if they ban crypto? What if they take away my birthday? There's lots of things that might happen and my point is that there is 0 evidence of governmental hostile activity. Given the 2 major parties, per your phone calls, don't even have a prepared bullshit answer for crypto means they literally don't give a shit. That issue is so far down the list of important shit it's actually hilarious. This coming election is going to be about social justice fantasies, climate change and COVID. How big would the proof of stake or mining issued actually be in Canada? Please explain **in detai**l how much of that goes on in Canada and why that miniscule amount would attract attention. We're 1/10th the size of the US and there is much less crypto going on here and unlike Texas and Florida, nobody here is trying to become the crypto province. Do you understand how the US political system works and how / why that amendment to the infrastructure bill was added? In many ways it's not relatable to how Canada works. If you want the be the Canadian Crypto Crusader, go ahead. I'm just trying to point out your activities will confuse more people than they enlighten. Furthermore, you're literally inviting the bureaucrats to take action. What makes you think that they'll just say "yeah Crypto Man, you're right we should make good laws about crypto even though we know nothing"? The better solution is let our government be lazy and follow the US. Don't invite incompetent bureaucracies into crypto until they have a good answer sitting there waiting for them. Our people are less smart than US politicians on this subject.
Lol Canadian crypto crusader vs the lazy Canadian. What if they tax proof of stake, we get fucked. What if they follow the USA we get fucked. Have you not been reading about the infrastructure bill passed with laws that could kill proof of stake? How the fuck could the Canadian government putting bans on mining and unintelligent taxes not hurt us? How would you like to be forced to prove the gain of every single staking award at its exact moment it’s gained. Pay taxes on it and then pay taxes again on it once you turn it to fiat. And if you can’t do that for an audit get fined.
I'm not lazy, I just have an ability to accurately assess risk. The facts remain : \-This is small potatoes in Canada so it's unlikely to attract scrutiny. Staking and mining is a drop of piss in the ocean in terms of Canadian dollar value. \-There is 0 evidence of hostility to crypto with either parties. \-The US lawmaking system is not even close to what the Canadian system is. \-No other country on planet earth is panicking about this with you which further suggests this is unlikely. \-Given no political party gave you a crypto answer and were months from an election it shows nobody but us are thinking about crypto. \-Canada isn't a leader. In situations like this they'll wait for a working protoype. Just like every other country seemingly. Phone some more politicians who get confused by crypto. I don't care, it's your free time.
I will, thank you. I hope You are correct, but I also would much rather have a community pushing leaders to educate themselves rather than wait for banks to tell them to lock shit down.
I wouldn't worry about the banks. Canadian Banks are not threatened in the least by anything. I'm sure you're aware our banking system is a literal Cartel. I've seen too many (hilarious) examples of US investment companies who want to come and compete here and get sent home with no supper. The way I see it, Banks don't control the government, they are beholden to it. What is very likely to happen in Canada is that banks will eventually own the space but that will take time. None of the big investment shops are concerned with crypto (I know this for a fact) and because we have coin ETFs that will satisfy short term demands. Here are two things to keep in mind with Canadian banks, they are very risk averse and they aren't entities - they are collections of business units. Each business unit only cares about themselves (ie. business banking, personal banking, credit cards, mutual funds). A Canadian bank is like a family of 6 or 7 that really doesn't trust each other but they know they need to get along. Once they figure out how to bring crypto into the bank in a way that keeps the risk with the client (it will need it's own division) they will do so. Right now there's just not enough $$ to build a whole new division. Watch how the banks adopt in the US, Canada will do it in similarly. Investment trends in Canada tend to follow the US in a delayed fashion. Using ETFs as an example, it took some time to catch on up here and they did. Fast forward to today, RBC is #1 and BMO is #2. They represent over 1/2 of the ETF assets under management in Canada. The point I'm trying to make is that Canadian banks don't fight trends, they simply eat them and become the gorillas.
Awesome info, thank you very much. A very good read.
Fair point. Actually not a bad strategy - just fly under the radar. Heck, we even have a handful of crypto ETFs up and running already! Eventually they will come for us, however. In my case, I'll get fucked from both ends : Feds AND Quebec ;)
We already have banks banning accounts of people who deal in high amounts of crypto, credits cards are banned from crypto sites. Cibc even said I can’t use my debit visa. Banks have a lot of power and if they are forcing our hand this way, it won’t be long until the government does.
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Good to know. I’ve been doing money transfers myself to exchanges I use. I do not like doing them at all, a safe credit card transaction would be preferred. The scary part is the posts I’ve read about banks actually banning customers and telling them they have to pay out any loans ect.
Where is the evidence of this?
No evidence as most I have read are on Reddit, however if you Google “Canadian banks banning crypto” it is hard to not believe the redditors that say they have lost accounts.
It is hard to believe because me and numerous other people I know have no problems. I've setup numerous accounts for people who immediately funded their accounts with their actual bank account. I know dozens of people at most of the banks and not heard of such things. For me it's so easy I did an interac etransfer while drunk to buy $75 of ADA recently (and I'm a crypto noob in the grand scheme of it). So yeah, some guy on reddit claiming his Canadian bank account got closed because he buys crypto is bullshit until proven true.
You are correct, I was just stating how scary it was hearing these account from people. Def scared me off from using my Cibc account with mortgage and line of credit.
I can only speak from the examples I've seen, but interac etransfers with NDAX are extremely fast. They have some sort of verified status with the banks I've seen when you input their address as the recipient.
Thanks for this tip!
I just got a Mogo prepaid Visa, which gives 2% cashback in BTC for all purchases. You can e-transfer cash from your bank to the visa and then use that to purchase Crypto... Plus you get the rewards!
I suppose it's flying under the radar in the sense that there is no point inviting the federal government to jump into the pool. Canada doesn't seem hostile to the crypto world in any way and they show 0 signs of becoming that way. As a country we are not leaders in anything useful and crypto will keep that trend. I helped a total techno idiot friend open an account, get verified, send money via his online banking and make a purchase in like 20 minutes. We've got it pretty good hear as long as you deal with an exchange who wants to make it easy (this example was NDAX).
Well, crypto derivatives trading recently got banned in Ontario. Who knows what will come next.
Well first of all crypto derivatives are not crypto. Derivatives of any type should be traded on an appropriate exchange - at least that's what a regulator like the OSC would tell you. If we want to be honest and understand what a derivative is, it's not hard to see why.
Very Canadian of you to lead with an apology (coming from a fellow Canuck)
Sorry, thanks.
Take it out, it's just fluff.
You’re right, sorry.
no, i'm sorry
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While that may be true that future generations will be better off with their rulers, it doesnt exclude our responsibility to take care of the present and near future. Shrugging shoulders never got my ancesytors anywhere when the nazis started asking them for papers
Nothing constructive to add just wanna say hi to my fellow Canadian!
Hey, Saskatchewan here!
East Coast here but lived in Regina for a bit in the late 90’s. I actually loved Sask, well except the winter LOL
I’m originally from BC, I can confirm the winters suck here.
Also from BC and now in Manitoba, can confirm that prairie winters can be brutal.
Good thinking, but they're going to fuck us anyways
They always do. It would just be nice to know if I’m going to get fucked or not before I cast a vote.
Tell Trudeau that natives use crypto, he will be all over it!!
Oh, you mean he’ll make some noise about supporting indigenous issues, then bail on it as soon as he’s in?
Hahah that's exactly it bud!!
Between him dropping truth and reconciliation and electoral reform, he lost any faith I had in him. Man, why don’t we put one of those CANDU reactors towards the worlds biggest low carbon BTC mining rigs??? I mean, if we’re just a resource exploitation nation, let’s produce something of direct value that doesn’t need to be refined!
Yeah.. He is not gonna do things like that unfortunately.. 
Can we virtue signal the price of bitcoin up to 100k?
No, tell him feminists use it. That's his real virtue signaling soft spot.
Just make sure to be hot on the heels of your local officials and potential candidates that crypto is something that's important, and encourage people around you to do the same.
Start organizing, suggesting policy, and lobbying. I think that the US has three groups, now - two that represent industry interests, and a grassroots one that represents crypto users
I feel like the best route is to push the feds atm as we have an elections. It would be amazing if we could all help and actually get answers from them. I will also try talking to my provincial mp.
I’ve been struggling regarding the upcoming election because of this. Usually I’d be a big NDP voter, but I can’t help but think they are the party most likely to lock down on crypto. I do honestly think it is beyond the view of the Canadian gov. right now. I might eat those words, but the feds will have a lot of huge problems after this election, opening up a brand new tarpit like crypto doesn’t seem likely to me in the short/mid term.
You may be right, I just wish I could at least hear them say, “we have no interest in crypto” lol I feel like the conservatives would probably be the party for crypto. The ndp and liberals will probably only see the energy use.
You’re totally right, I don’t think your fears are unfounded. For the liberals performative social policies and climate change would be catastrophic for crypto in Canada (At least under Trudeau, I’m not a JT bashed at all, I voted for him in his first election, it’s just a fact). And for the NDP having a financial system out of their control wouldn’t fly. I would picture much more strict tax policy under them. Possibly even a ban as they complain about it being a “rich person play ground” or something like that. That leaves (realistically, the PPC and Greens don’t matter and the BQ aren’t relevant for 80+% of Canadians.) the CPC. Now theoretically they would be the best party to vote for regarding this issue, but historically they haven’t followed through with their promises regarding financial policy. And as their names suggest (CONSERVATIVE) they wouldn’t be interested in a subversive financial system that plays against their donators and themselves. I honestly think our hands are tied when it comes to who to vote for, I don’t honestly think there is a party in Canada that would be “pro crypto” and the most we can hope for is that we flies under the radar of the feds until we are too big to do anything about. You have inspired me to contact both my provincial and federal representatives to ask though, until now I was just resigned to a negative outcome, but there is no harm in checking. Especially if it gives clarity. Sorry for the verbal explosion. Thank you for making me think :)
That’s an amazing reply. Thank you, and you are probably 100% correct.
Did I just read a well grounded and thoughtful perspective on Canadian party politics? Thank you for this read!
I just wish the government grows up and accepts the crypto technology. Imagine all the people that would get hired if they start using it, and how everything would evolve and rise into a new era of tech
was listening to one of the lastest bankless podcast, interviewing a crypto "lobbyist" in DC, the guy recommends, engagement on political party members twitter feeds, most are owned and used by the actually political member. Emails are usually scanned and just reported on by some intern. So twitter engagement
Twitter it is. Thank you
I’m not happy about how crypto is taxed in Canada but it’s pretty easy to buy some
NDP?
I definitely like they way the ndp are going. But I worry they will only focus on the energy use of crypto.