Bitcoin Can Thrive In Canada

It may not be such a surprise that more technologically advanced nations would be more open to the use of Bitcoin inside their borders, as well as developed countries would accept Bitcoin more than developing countries. Why? Developing countries are still continuing to encourage their own local economies to grow, and do not want Bitcoins or any other types of cryptocurrency not backed by their respective governments to get in the way. This comes after the fact that China, India, and Thailand has discouraged and sometimes outright banned the purchase and selling of Bitcoins to their citizens. But would Western countries accept Bitcoin more openly?

As The Globe And Mail says:

“Hot money rushed into emerging markets, and they got fat and lazy,” says Mr. Chakravorti. “These countries are anxious about monitoring currencies because the money needs to be paid back now.” They will grow even more protective of capital controls, he predicts, as governments in India, Turkey and China fight against corruption drains to their economies.

Three Bitcoin ATMs are currently operational in Canada, with more set to open up in other major cities. Canada still has a small peck of users compared to the giants of the United States and Russia, but the Canadian government may readily allow the use of Bitcoin in Canada freely. Western countries usually have more sound economies, and there is enough regulations to prevent a economic crisis from unfolding because of Bitcoin. Countries want their citizens to be happy, but also want to control taxation and regulations regarding currencies. All countries will balance the scale differently, but let's just hope most give open arms out to Bitcoin.

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About the author

Jonas Borchgrevink
Jonas Borchgrevink

Founder of and Passionate about how technology can empower people to create a more just and sustainable world.

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