Guide to Bitcoin and Digital Currency
One of the great things about playing at online casinos today are the types of Canadian casino payment methods that are available to customers in Canada. While some people still use credit and debit cards, many hope to make transactions more anonymous or simply keep their personal information at arms length and have moved towards other forms of regulated digital currency in Canada such as e-money/e-wallet services including UKash and Neteller.
Now, Canadian casinos have opened up an entirely new market for the transfer of funds electronically through the internationally accepted currency called bitcoin. Invented and launched in 2009, bitcoin is completely removed from traditional banking systems and has special encryption techniques which allows units of digital currency to be generated and when needed, for funds to be transferred in a secure manner. It’s another attractive way for you to login to your favourite online bitcoin casino Canada has waiting at your fingertips and play games till your hearts content.
And what’s great about using bitcoin is that because it’s internationally accepted you can use the system for many other things as well so when the earnings start coming in you’ll have a secure network working for you which can manage funds globally.
Is Bitcoin Legal?
You may be asking yourself, if bitcoin is such a new service is bitcoin legal? The answer is yes and here’s part of the story. In an effort to further regulate digital currencies in Canada and cover security lapses and oversight with electronic transfers globally, which in some cases involved money laundering and in other cases had connections to terrorism, Canada’s federal government had been working on amended legislation for the issue.
This bitcoin regulation news is still current because it has changed the way we use bitcoin today and made transactions through bitcoin even safer because the goal of the amended legislation was not only to reduce wrongful use of money through these services but tot eliminate it altogether.
Basically, what it all means is that for businesses which are involved in the transfer of digital currencies like a bitcoin casino Canada requires them to report all their transactions and to report on any suspicious activity as per specific risk assessment programs which are also regulated by the government. It all boils down to the simple fact that bitcoin is registered as one of the many Canadian casino payment methods which you can use knowing it is safe, secure, and to answer the earlier question, legal.
Casino FINTRAC Registration
With bitcoin being legal, the amendment to Canada’s federal law regarding online digital currencies also changed a fundamental relationship between bitcoin and online casinos making the need for online casinos to be registered with the Financial Transactions and Reports Analysis Centre Canada (FINTRAC). FINTRAC is Canada’s financial intelligence unit which is mandated with seeking out and investigating financial transactions which are possibly connected to money laundering and terrorism while simultaneously protecting private data.
It’s all part of the ultimate goal to allow freedom of access and transfer of funds digitally while protecting against the wrongful use of funds to carry out heinous acts. Meanwhile, Canada requires gamblers to declare their earnings as it is in the same category as regular taxable earnings from jobs.
And finally, if you're wondering if the online casino you love to go to allows the use of bitcoin as a method of payment all you have to do is check on the casino’s banking page. Usually somewhere on the site there will be a page explaining the various methods of payment which can be used and if bitcoin is listed, try it out and see how nice it is to play with the latest safe and secure cyber currency.