We welcome longtime collectors, as well as brand new ones and non-collectors. HOWEVER, NEW USERS ARE ASKED TO READ THE FAQ BEFORE POSTING. For help identifying a coin, check the FREQUENT COIN LIST first. We can help with ID if you post clear, well-lit photos of both sides of a coin, but please no more than 10 per submission. We can also help value coins, but IT IS STRICTLY AGAINST OUR RULES to make offers to buy and sell on this subreddit. Thank you!
Bitcoin investors may be out $190 million after the only guy with the password dies, firm says
This is the best tl;dr I could make, original reduced by 40%. (I'm a bot)
Investors in a Canadian crypto-currency exchange are in a similar fix after the only person with the password to accounts valued at $190 million in U.S. dollars died unexpectedly in India in December, CoinDesk reported. In a filing Thursday for creditor protection with the Supreme Court of Nova Scotia, Jennifer Robertson, Cotten's widow, said his death left the company unable to access the bulk of its crypto-currency funds, CBC News reported. The filing says Cotten had the only password to so-called "Cold storage" accounts, a form of savings, containing bitcoins deposited by 115,000 investors, CoinDesk reported. Bitcoins are the best known type of crypto-currency, a form of digital currency overseen by a decentralized network of computers around the world, The New York Times reported. Bitcoins must be stored on servers and can be kept in "Hot wallets," for immediate transactions, or "Cold storage" as a sort of digital savings account to protect them from hackers, CBC News reported. QuadrigaCX investors are frustrated by the problem with their accounts, CBC News reported.
It has been a busy week full of good news. The biggest news, of course, was the launch of our new website at http://cgb.holdings. Work has also continued on further development of the content of the new site. We have formalized and posted the marketing strategy, although it still requires further refinement, and will continue to evolve with Cryptogenic Bullion. Accompanying the new website was our launch party on Reddit and viral marketing image contest with our tipbot cannons put to heavy use for both events. We are pleased to announce that Cryptogenic Bullion can now be traded on the Bittrex and Ecoinfund exchanges! While Bittrex is based in the USA, Ecoinfund is based in China and will help to build our exposure to the Asian markets. We have even bigger news to announce this week, that we will soon be able to directly exchange between USD or CAD and CGB on the Vault of Satoshi, a Canadian crypto-currency exchange! We would also like to give a sneak preview of an upcoming project. We have been granted moderator status of the /cryptoeconomics subReddit by the Reddit Admins and plan to use it to foster discussion and exploration of crypto-currency economic fundamentals. This includes effects of various coin specifications, discussion of what certain markets or roles require of a coin, and other more macroeconomic factors in both crypto and fiat markets. As always, we encourage everyone to post comments and suggestions. Let's keep the momentum rolling! The CGB Core Team
01-31 23:12 - 'Biggest Canadian exchange: "attempting to locate and secure our very significant crypto currency reserves held in cold wallets..."' (i.redd.it) by /u/USER_citizenfive removed from /r/Bitcoin within 34-44min
Ethereum cryptocurrency was founded in 2014 by Russian-born Canadian programmer – Vitaly Buterin. This digital currency was developed as an alternative to bitcoin. Ethereum is based on the blockchain technology. It can be bought on cryptocurrency exchanges and exchanged for any other crypto asset.
Ethereum cryptocurrency was founded in 2014 by Russian-born Canadian programmer Vitaly Buterin. This digital currency was developed as an alternative to bitcoin. Ethereum is based on the blockchain technology. It can be bought on cryptocurrency exchanges and exchanged for any other crypto asset.
You may have heard about off-shore tax havens of questionable legality where wealthy people invest their money in legal "grey zones" and don't pay any tax, as featured for example, in Netflix's drama, The Laundromat. The reality is that the Government of Canada offers 100% tax-free investing throughout your life, with unlimited withdrawals of your contributions and profits, and no limits on how much you can make tax-free. There is also nothing to report to the Canada Revenue Agency. Although Britain has a comparable program, Canada is the only country in the world that offers tax-free investing with this level of power and flexibility. Thank you fellow Redditors for the wonderful Gold Award and Today I Learned Award! (Unrelated but Important Note: I put a link at the bottom for my margin account explainer. Many people are interested in margin trading but don't understand the math behind margin accounts and cannot find an explanation. If you want to do margin, but don't know how, click on the link.) As a Gen-Xer, I wrote this post with Millennials in mind, many of whom are getting interested in investing in ETFs, individual stocks, and also my personal favourite, options. Your generation is uniquely positioned to take advantage of this extremely powerful program at a relatively young age. But whether you're in your 20's or your 90's, read on! Are TFSAs important? In 2020 Canadians have almost 1 trillion dollars saved up in their TFSAs, so if that doesn't prove that pennies add up to dollars, I don't know what does. The TFSA truly is the Great Canadian Tax Shelter. I will periodically be checking this and adding issues as they arise, to this post. I really appreciate that people are finding this useful. As this post is now fairly complete from a basic mechanics point of view, and some questions are already answered in this post, please be advised that at this stage I cannot respond to questions that are already covered here. If I do not respond to your post, check this post as I may have added the answer to the FAQs at the bottom.
How to Invest in Stocks
A lot of people get really excited - for good reason - when they discover that the TFSA allows you to invest in stocks, tax free. I get questions about which stocks to buy. I have made some comments about that throughout this post, however; I can't comprehensively answer that question. Having said that, though, if you're interested in picking your own stocks and want to learn how, I recommmend starting with the following videos: The first is by Peter Lynch, a famous American investor in the 80's who wrote some well-respected books for the general public, like "One Up on Wall Street." The advice he gives is always valid, always works, and that never changes, even with 2020's technology, companies and AI: https://www.youtube.com/watch?v=cRMpgaBv-U4&t=2256s The second is a recording of a university lecture given by investment legend Warren Buffett, who expounds on the same principles: https://www.youtube.com/watch?v=2MHIcabnjrA Please note that I have no connection to whomever posted the videos.
TFSAs were introduced in 2009 by Stephen Harper's government, to encourage Canadians to save. The effect of the TFSA is that ordinary Canadians don't pay any income or capital gains tax on their securities investments. Initial uptake was slow as the contribution rules take some getting used to, but over time the program became a smash hit with Canadians. There are about 20 million Canadians with TFSAs, so the uptake is about 70%- 80% (as you have to be the age of majority in your province/territory to open a TFSA).
Eligibility to Open a TFSA
You must be a Canadian resident with a valid Social Insurance Number to open a TFSA. You must be at the voting age in the province in which you reside in order to open a TFSA, however contribution room begins to accumulate from the year in which you turned 18. You do not have to file a tax return to open a TFSA. You do not need to be a Canadian citizen to open and contribute to a TFSA. No minimum balance is required to open a TFSA.
Where you Can Open a TFSA
There are hundreds of financial institutions in Canada that offer the TFSA. There is only one kind of TFSA; however, different institutions offer a different range of financial products. Here are some examples:
The Canadian big 5 bank branches and most other financial institutions offer a TFSA that allows you to buy mutual funds, hold cash, GICs, term deposits, and possibly ETFs. This is a good choice if you want guaranteed returns or diversified investing.
There are a number of on-line banks such as Tangerine, Simplii Financial, Oaken Financial, and many more that offer the TFSA.
The discount DIY brokerage arms of the big 5 banks give you more choices, including stocks, warrants, bonds and options. There are also standalone brokers like IBKR Canada, Questrade, Qtrade, and Virtual Brokers, among others, that offer this.
Some brokerages and financial advisors also offer TFSAs that give you these investment choices, in different formats such as:
Traditional brokerage, where a stockbroker invests your money (BMO Nesbitt Burns, RBC Dominion Securities and others)
Financial advisor who will invest your money according to a plan you put together with the advisor (TSI Network and many others)
"Robo" advisors such as Wealthsimple, RBC InvestEase, BMO SmartFolio, or Wealthbar
BMO's AdviceDirect, which is a semi-directed hybrid between standalone DIY investing and fully-advised investing, where you operate on a DIY basis but have access to a registered investment advisor (a live person) who can give you suggetions and advice.
Your TFSA may be covered by either CIFP or CDIC insuranceor both. Ask your bank or broker for details.
What You Can Trade and Invest In
You can trade the following:
GICS, mutual funds, term deposits
individual common and preferred stocks listed on an "approved exchange" which is the TSX, TSX-V, NASDAQ, NYSE, and about 20 other exchanges worldwide, but not the US OTC pink sheets. Many examples, such as Suncor, Linamar, Apple, any of the big banks, and many thousands of others, when you want to buy into an individual company
stock-like securities like REITS, ETFs and ETNs, including 2x and 3x leveraged
gold and silver certificates
cash of many countries (CAD/USD/EUGBP/AUD/NZD/JPY/CHF and many others)
government bills and bonds of most countries, subsovereigns like Canadian provincial bills and bonds, and most corporations
options that trade on the Montreal Exchange or various options exchanges in the USA and the rest of the word (see FAQ for details)
gold, silver bullion certificates
shares in certain private companies -- but consult your tax advisor on this
What You Cannot Trade
You cannot trade:
commodity futures contracts
option spread positions (see FAQ for details)
anything that requires a margin account, meaning, a special kind of account that allows you to borrow money directly from the broker against the assets you have in your account and the assets you intend to buy.
crypto (although there exist crypto ETNs that you can buy)
Again, if it requires a margin account, it's out. You cannot buy on margin in a TFSA. Nothing stopping you from borrowing money from other sources as long as you stay within your contribution limits, but you can't trade on margin in a TFSA. You can of course trade long puts and calls which give you leverage.
Rules for Contribution Room
Starting at 18 you get a certain amount of contribution room. According to the CRA: You will accumulate TFSA contribution room for each year even if you do not file an Income Tax and Benefit Return or open a TFSA. The annual TFSA dollar limit for the years 2009 to2012 was $5,000. The annual TFSA dollar limit for the years 2013 and 2014 was $5,500. The annual TFSA dollar limit for the year 2015 was $10,000. The annual TFSA dollar limit for the years 2016 to 2018 was $5,500. The annual TFSA dollar limit for the year 2019 is $6,000. The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500. Investment income earned by, and changes in the value of TFSA investments will not affect your TFSA contribution room for the current or future years. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html If you don't use the room, it accumulates indefinitely. Trades you make in a TFSA are truly tax free. But you cannot claim the dividend tax credit and you cannot claim losses in a TFSA against capital gains whether inside or outside of the TFSA. So do make money and don't lose money in a TFSA. You are stuck with the 15% withholding tax on U.S. dividend distributions unlike the RRSP, due to U.S. tax rules, but you do not pay any capital gains on sale of U.S. shares. You can withdraw *both* contributions *and* capital gains, no matter how much, at any time, without penalty. The amount of the withdrawal (contributions+gains) converts into contribution room in the *next* calendar year. So if you put the withdrawn funds back in the same calendar year you take them out, that burns up your total accumulated contribution room to the extent of the amount that you re-contribute in the same calendar year.
E.g. Say you turned 18 in 2016 in Alberta where the age of majority is 18. It is now sometime in 2020. You have never contributed to a TFSA. You now have $5,500+$5,500+$5,500+$6,000+$6,000 = $28,500 of room in 2020. In 2020 you manage to put $20,000 in to your TFSA and you buy Canadian Megacorp common shares. You now have $8,500 of room remaining in 2020. Sometime in 2021 - it doesn't matter when in 2021 - your shares go to $100K due to the success of the Canadian Megacorp. You also have $6,000 worth of room for 2021 as set by the government. You therefore have $8,500 carried over from 2020+$6,000 = $14,500 of room in 2021. In 2021 you sell the shares and pull out the $100K. This amount is tax-free and does not even have to be reported. You can do whatever you want with it. But: if you put it back in 2021 you will over-contribute by $100,000 - $14,500 = $85,500 and incur a penalty. But if you wait until 2022 you will have $14,500 unused contribution room carried forward from 2021, another $6,000 for 2022, and $100,000 carried forward from the withdrawal 2021, so in 2022 you will have $14,500+$6,000+$100,000 = $120,500 of contribution room. This means that if you choose, you can put the $100,000 back in in 2022 tax-free and still have $20,500 left over. If you do not put the money back in 2021, then in 2022 you will have $120,500+$6,000 = $126,500 of contribution room. There is no age limit on how old you can be to contribute, no limit on how much money you can make in the TFSA, and if you do not use the room it keeps carrying forward forever. Just remember the following formula: This year's contribution room = (A) unused contribution room carried forward from last year + (B) contribution room provided by the government for this year + (C) total withdrawals from last year. EXAMPLE 1: Say in 2020 you never contributed to a TFSA but you were 18 in 2009. You have $69,500 of unused room (see above) in 2020 which accumulated from 2009-2020. In 2020 you contribute $50,000, leaving $19,500 contribution room unused for 2020. You buy $50,000 worth of stock. The next day, also in 2020, the stock doubles and it's worth $100,000. Also in 2020 you sell the stock and withdraw $100,000, tax-free. You continue to trade stocks within your TFSA, and hopefully grow your TFSA in 2020, but you make no further contributions or withdrawals in 2020. The question is, How much room will you have in 2021? Answer: In the year 2021, the following applies: (A) Unused contribution room carried forward from last year, 2020: $19,500 (B) Contribution room provided by government for this year, 2021: $6,000 (C) Total withdrawals from last year, 2020: $100,000 Total contribution room for 2021 = $19,500+6,000+100,000 = $125,500. EXAMPLE 2: Say between 2020 and 2021 you decided to buy a tax-free car (well you're still stuck with the GST/PST/HST/QST but you get the picture) so you went to the dealer and spent $25,000 of the $100,000 you withdrew in 2020. You now have a car and $75,000 still burning a hole in your pocket. Say in early 2021 you re-contribute the $75,000 you still have left over, to your TFSA. However, in mid-2021 you suddenly need $75,000 because of an emergency so you pull the $75,000 back out. But then a few weeks later, it turns out that for whatever reason you don't need it after all so you decide to put the $75,000 back into the TFSA, also in 2021. You continue to trade inside your TFSA but make no further withdrawals or contributions. How much room will you have in 2022? Answer: In the year 2022, the following applies: (A) Unused contribution room carried forward from last year, 2021: $125,500 - $75,000 - $75,000 = -$24,500. Already you have a problem. You have over-contributed in 2021. You will be assessed a penalty on the over-contribution! (penalty = 1% a month). But if you waited until 2022 to re-contribute the $75,000 you pulled out for the emergency..... In the year 2022, the following would apply: (A) Unused contribution room carried forward from last year, 2021: $125,500 -$75,000 =$50,500. (B) Contribution room provided by government for this year, 2022: $6,000 (C) Total withdrawals from last year, 2020: $75,000 Total contribution room for 2022 = $50,500 + $6,000 + $75,000 = $131,500. ...And...re-contributing that $75,000 that was left over from your 2021 emergency that didn't materialize, you still have $131,500-$75,000 = $56,500 of contribution room left in 2022. For a more comprehensive discussion, please see the CRA info link below.
FAQs That Have Arisen in the Discussion and Other Potential Questions:
Equity and ETF/ETN Options in a TFSA: can I get leverage? Yes. You can buy puts and calls in your TFSA and you only need to have the cash to pay the premium and broker commissions. Example: if XYZ is trading at $70, and you want to buy the $90 call with 6 months to expiration, and the call is trading at $2.50, you only need to have $250 in your account, per option contract, and if you are dealing with BMO IL for example you need $9.95 + $1.25/contract which is what they charge in commission. Of course, any profits on closing your position are tax-free. You only need the full value of the strike in your account if you want to exercise your option instead of selling it. Please note: this is not meant to be an options tutorial; see the Montreal Exchange's Equity Options Reference Manual if you have questions on how options work.
Equity and ETF/ETN Options in a TFSA: what is ok and not ok? Long puts and calls are allowed. Covered calls are allowed, but cash-secured puts are not allowed. All other option trades are also not allowed. Basically the rule is, if the trade is not a covered call and it either requires being short an option or short the stock, you can't do it in a TFSA.
Live in a province where the voting age is 19 so I can't open a TFSA until I'm 19, when does my contribution room begin? Your contribution room begins to accumulate at 18, so if you live in province where the age of majority is 19, you'll get the room carried forward from the year you turned 18.
If I turn 18 on December 31, do I get the contribution room just for that day or for the whole year? The whole year.
Do commissions paid on share transactions count as withdrawals? Unfortunately, no. If you contribute $2,000 cash and you buy $1,975 worth of stock and pay $25 in commission, the $25 does not count as a withdrawal. It is the same as if you lost money in the TFSA.
How much room do I have? If your broker records are complete, you can do a spreadsheet. The other thing you can do is call the CRA and they will tell you.
TFSATFSA direct transfer from one institution to another: this has no impact on your contributions or withdrawals as it counts as neither.
More than 1 TFSA: you can have as many as you want but your total contribution room does not increase or decrease depending on how many accounts you have.
Withdrawals that convert into contribution room in the next year. Do they carry forward indefinitely if not used in the next year? Answer :yes.
Do I have to declare my profits, withdrawals and contributions? No. Your bank or broker interfaces directly with the CRA on this. There are no declarations to make.
Risky investments - smart? In a TFSA you want always to make money, because you pay no tax, and you want never to lose money, because you cannot claim the loss against your income from your job. If in year X you have $5,000 of contribution room and put it into a TFSA and buy Canadian Speculative Corp. and due to the failure of the Canadian Speculative Corp. it goes to zero, two things happen. One, you burn up that contribution room and you have to wait until next year for the government to give you more room. Two, you can't claim the $5,000 loss against your employment income or investment income or capital gains like you could in a non-registered account. So remember Buffett's rule #1: Do not lose money. Rule #2 being don't forget the first rule. TFSA's are absolutely tailor-made for Graham-Buffett value investing or for diversified ETF or mutual fund investing, but you don't want to buy a lot of small specs because you don't get the tax loss.
Moving to/from Canada/residency. You must be a resident of Canada and 18 years old with a valid SIN to open a TFSA. Consult your tax advisor on whether your circumstances make you a resident for tax purposes. Since 2009, your TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada. Note: If you move to another country, you can STILL trade your TFSA online from your other country and keep making money within the account tax-free. You can withdraw money and Canada will not tax you. But you have to get tax advice in your country as to what they do. There restrictions on contributions for non-residents. See "non residents of Canada:" https://www.canada.ca/content/dam/cra-arc/formspubs/pub/rc4466/rc4466-19e.pdf
The U.S. withholding tax. Dividends paid by U.S.-domiciled companies are subject to a 15% U.S. withholding tax. Your broker does this automatically at the time of the dividend payment. So if your stock pays a $100 USD dividend, you only get $85 USD in your broker account and in your statement the broker will have a note saying 15% U.S. withholding tax. I do not know under what circumstances if any it is possible to get the withheld amount. Normally it is not, but consult a tax professional.
The U.S. withholding tax does not apply to capital gains. So if you buy $5,000 USD worth of Apple and sell it for $7,000 USD, you get the full $2,000 USD gain automatically.
Tax-Free Leverage. Leverage in the TFSA is effectively equal to your tax rate * the capital gains inclusion rate because you're not paying tax. So if you're paying 25% on average in income tax, and the capital gains contribution rate is 50%, the TFSA is like having 12.5%, no margin call leverage costing you 0% and that also doesn't magnify your losses.
Margin accounts. These accounts allow you to borrow money from your broker to buy stocks. TFSAs are not margin accounts. Nothing stopping you from borrowing from other sources (such as borrowing cash against your stocks in an actual margin account, or borrowing cash against your house in a HELOC or borrowing cash against your promise to pay it back as in a personal LOC) to fund a TFSA if that is your decision, bearing in mind the risks, but a TFSA is not a margin account. Consider options if you want leverage that you can use in a TFSA, without borrowing money.
Dividend Tax Credit on Canadian Companies. Remember, dividends paid into the TFSA are not eligible to be claimed for the credit, on the rationale that you already got a tax break.
FX risk. The CRA allows you to contribute and withdraw foreign currency from the TFSA but the contribution/withdrawal accounting is done in CAD. So if you contribute $10,000 USD into your TFSA and withdraw $15,000 USD, and the CAD is trading at 70 cents USD when you contribute and $80 cents USD when you withdraw, the CRA will treat it as if you contributed $14,285.71 CAD and withdrew $18,75.00 CAD.
OTC (over-the-counter stocks). You can only buy stocks if they are listed on an approved exchange ("approved exchange" = TSX, TSX-V, NYSE, NASDAQ and about 25 or so others). The U.S. pink sheets "over-the-counter" market is an example of a place where you can buy stocks, that is not an approved exchange, therefore you can't buy these penny stocks. I have however read that the CRA make an exception for a stock traded over the counter if it has a dual listing on an approved exchange. You should check that with a tax lawyer or accountant though.
The RRSP. This is another great tax shelter. Tax shelters in Canada are either deferrals or in a few cases - such as the TFSA - outright tax breaks, The RRSP is an example of a deferral. The RRSP allows you to deduct your contributions from your income, which the TFSA does not allow. This deduction is a huge advantage if you earn a lot of money. The RRSP has tax consequences for withdrawing money whereas the TFSA does not. Withdrawals from the RRSP are taxable whereas they are obviously not in a TFSA. You probably want to start out with a TFSA and maintain and grow that all your life. It is a good idea to start contributing to an RRSP when you start working because you get the tax deduction, and then you can use the amount of the deduction to contribute to your TFSA. There are certain rules that claw back your annual contribution room into an RRSP if you contribute to a pension. See your tax advisor.
Pensions. If I contribute to a pension does that claw back my TFSA contribution room or otherwise affect my TFSA in any way? Answer: No.
The $10K contribution limit for 2015. This was PM Harper's pledge. In 2015 the Conservative government changed the rules to make the annual government allowance $10,000 per year forever. Note: withdrawals still converted into contribution room in the following year - that did not change. When the Liberals came into power they switched the program back for 2016 to the original Harper rules and have kept the original Harper rules since then. That is why there is the $10,000 anomaly of 2015. The original Harper rules (which, again, are in effect now) called for $500 increments to the annual government allowance as and when required to keep up with inflation, based on the BofC's Consumer Price Index (CPI). Under the new Harper rules, it would have been $10,000 flat forever. Which you prefer depends on your politics but the TFSA program is massively popular with Canadians. Assuming 1.6% annual CPI inflation then the annual contribution room will hit $10,000 in 2052 under the present rules. Note: the Bank of Canada does an excellent and informative job of explaining inflation and the CPI at their website.
Losses in a TFSA - you cannot claim a loss in a TFSA against income. So in a TFSA you always want to make money and never want to lose money. A few ppl here have asked if you are losing money on your position in a TFSA can you transfer it in-kind to a cash account and claim the loss. I would expect no as I cannot see how in view of the fact that TFSA losses can't be claimed, that the adjusted cost base would somehow be the cost paid in the TFSA. But I'm not a tax lawyeaccountant. You should consult a tax professional.
Transfers in-kind to the TFSA and the the superficial loss rule. You can transfer securities (shares etc.) "in-kind," meaning, directly, from an unregistered account to the TFSA. If you do that, the CRA considers that you "disposed" of, meaning, equivalent to having sold, the shares in the unregistered account and then re-purchased them at the same price in the TFSA. The CRA considers that you did this even though the broker transfers the shares directly in the the TFSA. The superficial loss rule, which means that you cannot claim a loss for a security re-purchased within 30 days of sale, applies. So if you buy something for $20 in your unregistered account, and it's trading for $25 when you transfer it in-kind into the TFSA, then you have a deemed disposition with a capital gain of $5. But it doesn't work the other way around due to the superficial loss rule. If you buy it for $20 in the unregistered account, and it's trading at $15 when you transfer it in-kind into the TFSA, the superficial loss rule prevents you from claiming the loss because it is treated as having been sold in the unregistered account and immediately bought back in the TFSA.
Day trading/swing trading. It is possible for the CRA to try to tax your TFSA on the basis of "advantage." The one reported decision I'm aware of (emphasis on I'm aware of) is from B.C. where a woman was doing "swap transactions" in her TFSA which were not explicitly disallowed but the court rules that they were an "advantage" in certain years and liable to taxation. Swaps were subsequently banned. I'm not sure what a swap is exactly but it's not that someone who is simply making contributions according to the above rules would run afoul of. The CRA from what I understand doesn't care how much money you make in the TFSA, they care how you made it. So if you're logged on to your broker 40 hours a week and trading all day every day they might take the position that you found a way to work a job 40 hours a week and not pay any tax on the money you make, which they would argue is an "advantage," although there are arguments against that. This is not legal advice, just information.
The U.S. Roth IRA. This is a U.S. retirement savings tax shelter that is superficially similar to the TFSA but it has a number of limitations, including lack of cumulative contribution room, no ability for withdrawals to convert into contribution room in the following year, complex rules on who is eligible to contribute, limits on how much you can invest based on your income, income cutoffs on whether you can even use the Roth IRA at all, age limits that govern when and to what extent you can use it, and strict restrictions on reasons to withdraw funds prior to retirement (withdrawals prior to retirement can only be used to pay for private medical insurance, unpaid medical bills, adoption/childbirth expenses, certain educational expenses). The TFSA is totally unlike the Roth IRA in that it has none of these restrictions, therefore, the Roth IRA is not in any reasonable sense a valid comparison. The TFSA was modeled after the U.K. Investment Savings Account, which is the only comparable program to the TFSA.
The UK Investment Savings Account. This is what the TFSA was based off of. Main difference is that the UK uses a 20,000 pound annual contribution allowance, use-it-or-lose-it. There are several different flavours of ISA, and some do have a limited recontribution feature but not to the extent of the TFSA.
Is it smart to overcontribute to buy a really hot stock and just pay the 1% a month overcontribution penalty? If the CRA believes you made the overcontribution deliberately the penalty is 100% of the gains on the overcontribution, meaning, you can keep the overcontribution, or the loss, but the CRA takes the profit.
Speculative stocks-- are they ok? There is no such thing as a "speculative stock." That term is not used by the CRA. Either the stock trades on an approved exchange or it doesn't. So if a really blue chip stock, the most stable company in the world, trades on an exchange that is not approved, you can't buy it in a TFSA. If a really speculative gold mining stock in Busang, Indonesia that has gone through the roof due to reports of enormous amounts of gold, but their geologist somehow just mysteriously fell out of a helicopter into the jungle and maybe there's no gold there at all, but it trades on an approved exchange, it is fine to buy it in a TFSA. Of course the risk of whether it turns out to be a good investment or not, is on you.
Remember, you're working for your money anyway, so if you can get free money from the government -- you should take it! Follow the rules because Canadians have ended up with a tax bill for not understanding the TFSA rules. Appreciate the feedback everyone. Glad this basic post has been useful for many. The CRA does a good job of explaining TFSAs in detail at https://www.canada.ca/content/dam/cra-arc/formspubs/pub/rc4466/rc4466-19e.pdf
Unrelated but of Interest: The Margin Account
Note: if you are interested in how margin accounts work, I refer you to my post on margin accounts, where I use a straightforward explanation of the math behind margin accounts to try and give readers the confidence that they understand this powerful leveraging tool.
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How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation
In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.
Typical securities frameworks will cost Canadians millions of dollars (ie Sarbanes-Oxley estimated at $5m USD/yr per firm). Implementation costs of this proposal are significantly cheaper.
Canadians can maintain a diverse set of exchanges, multiple viable business models are still fully supported, and innovation is encouraged while keeping Canadians safe.
Many of you have limited time to read the full proposal, so here are the highlights:
Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.
Regular Transparent Audits
Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.
Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.
Background and Justifications
Cold Storage Custody/Management After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems: • Funds stored online or in a smart contract, • Access controlled by one person or one system, • 51% attacks (rare), • Funds sent to the wrong address (also rare), or • Some combination of the above. For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program. The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms. • 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective. • The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated. The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II. On The Subject of Third Party Custodians Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems. However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies. There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both. On The Subject Of Insurance ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC. However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.” ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance. In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework. A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians. On The Subject of Fractional Reserve There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds. There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past. Proof of Reserves/Transparency/Accountability Canadians need to have visibility into the backing on an ongoing basis. The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users. Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit. The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided. Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense. Hot Wallet Management The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets. However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process. A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage. Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.
Current Draft Proposal
(1) Proper multi-signature cold wallet storage. (a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet. (b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time). (c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7. (d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds. (e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers. (2) Regular and transparent solvency audits. (a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row. (b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored. (c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process. (d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify. (e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible. (3) Protections for hot wallets and transactions. (a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets. (b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy. (c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage. (d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange. (e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.
Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized. The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges. The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
Cryptocurrencies are confusing for the average and many of those who might have thought about having a cryptocurrency faced a question – “What am I to do with it?”. In fact, the answer is easy enough to come up with, as the cryptocurrencies are gradually being implemented into many areas of our life – you can buy goods with it, pay for your college, support charities, send to friends and family or even travel into space! by StealthEX Yes, most of the places where you can trade crypto coins are online but anyway it’s good to know that your cryptocurrency is not just an investment with the potential increase in value, it is an actual currency you can spend. Today let’s map out a bunch of peculiar use cases:
Get a new passport.
Venezuela recently introduced the option of getting your passport purchased in Bitcoin. The decision was made in order to mitigate the effects of the sanctions that the US government has imposed against Venezuela. The option is temporarily available for the citizens who reside outside the country. The government of Venezuela hasn’t yet passed the law on making it official, but the opportunity of getting your documents paid in decentralized currency sounds like a good scenario for the future.
Invest in startups
Innovative startups always crave for seed-capital, and good news is that with the formation and growth of digital fundraising the opportunity of becoming a startup investor has grown much for those who simply have an internet connection. Initial coin offerings (ICOs) are a new form of fundraising that provides startups with the opportunity to raise capital by selling hot and fresh digital tokens to early project sponsors in exchange for “old school” cryptocurrencies. In some cases, new tokens could increase in price by several thousand percent! In the past, such transactions were made only by experienced venture capitalists, but the advent of cryptocurrency has opened up these opportunities to a much broader array of investors.
Get paid for posting content
The social platform Steemit gives bloggers financial rewards (in cryptocurrency STEEM) for them posting and upvoting quality content. Developers assure that Steemit doesn’t collect and sell data of its users as Facebook does, that is why Steemit has become highly popular in emerging markets. Today there are more than 1 million registered users.
Travel giants such as CheapAir and Destinia travel accept bitcoin (BTC) as a means of payment to book flights, hotels and car rents. If you like to book an accommodation on your trip, then you better do it on CryptoCribs, they accept BTC and ETH. Moreover, the number of crypto ATMs is growing – for the time being, there are more than 8700 ATMs around the world. As for the transport, bitcoin-friendly cabs are available in Argentina and Hungary, in 2014 the first airline accepting cryptocurrency payments became airBaltic with its flights to Europe and the Middle East. Since then, the Lithuanian airline Air Lituanica, the Polish LOT, the organizer of business flights Star Jets International and many other European, American, Canadian and Mexican companies have begun to offer such services. Aggregators of hotels, tours and tickets, such as Travelforcoins and Cheapair, also accept cryptocurrencies for payment.
Buy a Lambo
If you have enough coins in your crypto wallet and you love sports cars, luxury marketplace De Louvois is the place where you can buy status symbols, for example, buy a Lamborghini (in Bitcoin of course). Other upper-class items such as art pieces, wines, and real estate are also available.
In case a crypto-owner wants to dip their toes into less volatile assets, they would probably choose gold or silver. At different metal dealers and advisors like GoldSilver, BitPanda Metals, Vaultoro, JM Bullion, etc. you can use cryptocurrency to buy gold coins and other precious metals. In fact, you can use crypto to buy currency. Sadly, such platforms and marketplaces are available far not everywhere in the world, but as the adoption of crypto goes fast, there is a reason to hope that things will change soon. And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 250 coins and constantly updating the list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example BTC to ETH. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via firstname.lastname@example.org. The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/08/18/unexpected-ways-to-spend-your-crypto/
There’s been more excitement this week at Solve.Care! We added BC Bitcoin to our list of currencies. It’s been an especially busy week as CEO Pradeep Goel and CMO Dr. Hanekom, both took part in several interviews, plus worldwide mentions and more. Our CMO, Dr. Hanekom Speaks Candidly in His Solo TV Interview Our CMO Dr. Hanekom was recently interviewed on SoloTV, a program that covers the latest happenings in the blockchain/crypto sphere. He speaks candidly about the lack of trust within stakeholder relationships and the challenges current methods of healthcare face. Catch the whole interview where Dr. Hanekom talks about Global Telehealth Exchange, Team.Care Networks, and the innovative and hardworking people he surrounds himself with. You can watch the full interview here. More Fiat Currencies Now Paired with SOLVE Earlier this week, we officially announced the pairing of SOLVE with GBP and EUR on BC Bitcoin Exchange! We’re providing more pairs for even greater access to global healthcare using your local currency. You can also find SOLVE on Bittrex, Upbit, Kucoin, Huobi Korea, CoinTiger, Changelly, Bitsdaq, LiteBit, HitBTC, VCC Exchange and Coinspot. Here’s the link to BC Bitcoin. Better Lives with Care.Wallet: Schizophrenia in Canada Schizophrenia is a serious mental illness that affects how a person thinks, feels and behaves. Those afflicted often feel they have lost touch with reality which causes significant anxiety for the individual, their family, and friends. Schizophrenia may result in one or a combination of hallucinations, delusions, and extremely disoriented thinking and behavior that impairs daily functioning. According to the Canadian Minister of Health, 1% of the population has schizophrenia and 30% of those cases are detected between the ages of 20 to 34 years old. Schizophrenia also places a substantial financial burden on individuals with the illness, members of their family and the health care system. You can read it here. This Week’s Community Spotlight is on Coinmong We created the Community Spotlight to highlight those who reflect Solve.Care’s passion in the mission to make healthcare better for everyone. We strive to attract quality people to our community, from all over the world, who understand our potential. And this month’s Community Spotlight goes to long-term supporter, Coinmong! Future of Global Telehealth Series: Overcoming the Regulatory Environment In our new series, The Global Future of Telehealth, we’ll look at the different challenges the future of telehealth faces and how we plan to solve them such as; legislative, license verification, data security, availability, payments, and more. Telehealth is on the rise and the demands for its global benefits, past the crisis, are becoming clear. The ability to meet some current medical needs, without restriction, is fast becoming the desired way to access treatments and consultations, beyond the pandemic. This week we looked at how Global Telehealth Exchange overcomes barriers within the international regulatory environment and how telehealth will continue to grow. Click here to read the full article. Stay up to date by following us on your favorite social media. And join the discussion in our official Telegram channel. Your Solve.Care Team
[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses
Hello Bitcoiners! Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway. Hopefully you appreciate the transparency, and I'm available for questions! Cheers, Francis ********************************************* Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511
Bitcoin is money, regulated like money
Notice to Canadian Bitcoin users
If you are the user of a Canadian Bitcoin company, be assured that:
These regulations only target virtual currency exchanges and virtual currency transmitters (e.g. payment processors, custodial wallets).
No action on your part is currently required. It is businesses that have to comply, not users.
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you. You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!
Background on regulation
Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC). This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies. It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses. Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing. To give an idea, the other categories that apply to traditional fiat currency businesses are:
Foreign exchange dealing
Remitting or transmitting funds
Issuing or deeming money order or similar negotiable instruments
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding. Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing. There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.
What activities are regulated as Money Service Business activity?
A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:
Bitcoin trading platforms (orderbooks)
Bitcoin exchange platforms (fixed-rate)
Selling or buying Bitcoin OTC professionally
Crypto-to-crypto trading (orderbook, fixed-rate or OTC)
Notice to foreign Bitcoin companies with clients in Canada
Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:
You direct your MSB services at persons or entities in Canada
The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained. To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!
The bad news
We are adding per-transaction limits in addition to daily volume limits.
The per-transaction limit for accounts with limited verification is $1,000 (previously $3000). To conduct transactions over $1,000 you must get your account verified.
We require users to provide their Date of Birth as a requirement to change their verification status to “Verified”.
We require users to provide their Occupation as a requirement to change their verification status to “Verified”.
The good news
We are increasing the daily volume limit from $3,000 to $10,000 for users that have the “limited” account verification status. Users with limited account verification can do multiple transactions as long as they are each below the $1,000 threshold and as long as they don’t exhibit suspicious behavior (see details below).
Identity documents will no longer be required for users that can be identified using their credit files. They will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer.
Connecting bank accounts to Bull Bitcoin using the flinks bank verification software will no longer be required for users that can be identified using their credit files. This will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer
The user’s KYC info (name, address, date of birth and occupation)
Suspicious transaction reporting
Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives. We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.
What is suspicious activity?
Note forbitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices. Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions. In general, here are a few tips:
Don’t provide false of misleading information. We will know right away if your date of birth, address and name don’t match.
Don’t try to exploit loopholes in the KYC process.
Don’t transact on behalf of someone else without telling us.
Be cooperative with customer support.
Here are some examples of behavior that we do not consider suspicious:
Coinjoin or other Bitcoin privacy techniques.
Using VPNs, TOR or VOIP phones.
Asking questions about, or criticizing, our privacy policies.
Talking negatively about banks or government.
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:
Making statements about being involved with criminal activity.
Saying you don’t want the government to know about your transactions.
Asking advice about concealing source of funds or tax avoidance.
Funding your account from a bank account that is not in your name.
Conducting transactions on behalf of someone else without telling us.
Trying to falsify your identity or impersonating someone else.
Making multiple bill payments to the same recipient, or multiple Bitcoin purchases, in a way which seems structured specifically to avoid the $1,000 transaction amount KYC threshold.
Continuing to perform transactions that are unnecessarily complex, inefficient and not cost-effective after having been advised otherwise by our staff.
What does this mean for Bitcoin?
It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks). In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation. We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums. One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
Maybe I'm misinformed or jaded from Quadriga but I'd like to know why people use Canadian crypto exchanges. I'm genuinely curious because I personally don't think they're all that good because they're missing (in my opinion) features of what a good exchange needs: - low trade fees - high liquidity in the order books - charting features that work with tradingview (not just inside the website) - low bid/ask spread - trading tools such as stop losses - low withdraw fees - variety of coins to trade - secure Am I asking for too much? I just not seeing something that others are? Are these exchanges meant for newbies? Thoughts would be really appreciated! The only reason why I can see people use them is the convenience of trading against CAD and instead of some other stablecoin or currency.
For any Canadians out there: Maybe I'm misinformed or jaded from Quadriga but I'd like to know why people use Canadian crypto exchanges. I'm genuinely curious because I personally don't think they're all that good because they're missing (in my opinion) features of what a good exchange needs: - low trade fees - high liquidity in the order books - charting features that work with tradingview (not just inside the website) - low bid/ask spread - trading tools such as stop losses - low withdraw fees - variety of coins to trade - secure Am I asking for too much? Am I just not seeing something that others are? Are these exchanges meant for newbies? Thoughts would be really appreciated! The only reason why I can see people use them is the convenience of trading against CAD and instead of some other stable coin or currency.
Hi Everybody, I’ve been researching and discovering crypto in the past year and wanted to gather some of your thoughts for exchanges and coin swaps based on my experience(s) learning lessons. 1) it all started with Coinbase. I’ll never forget the free $10 if you you fund $100.00. It only worked with Visa and that was a pretty costly $100.00 investment as the banks will treat that as a cash advance on your credit card and charge you 23% on your entire balance if you have even a small one and don’t pay off the balance quick it is not fun. Then I remember buying BTC and not being able to sell it because it was a Canadian account. Eventually after complaining they added PayPal withdrawls. I avoid coinbase except for Coinbase Earn. 2) coinsquare was one of my first exchanges because it receives interac transfers. Slow but it works. The drawbacks are the fees you lose on incoming fundings and withdrawls when moving your crypto’s off the exchange. Support is slow but you’ll eventually get a reply. CS lacks a wide selection of coins and pairs making it difficult to liquidate. 3) Kraken was my next adventure and is my go to exchange for more serious trading and coin selection. Support is pretty instant. Funding is a bit of a pain. I’ve done in person payments at the post office and again you’re hit with the fees on both ends. It was fairly instant but when I first tested it out you get that “did I just lose all my money” feeling. About all I can complain about are of course the fees. Trying to practice safe crypto with hardware wallets can get expensive with BTC costing $4-5 just to move your BTC off Kraken. 4) uphold wallet - found a good selection of coins when verifying my wallet on Brave browser BAT adventure. However, you can not withdraw / transfer most of them. Cards are annoying and confusing. If you don’t use the mobile app you get dinged higher fees. Support is quick to reply but useless when trying to resolve more serious issues like linking a bank account. If you have a USD based bank account that supports ACH, VISA debit deposits work without fees via mobile app. Good luck linking the actual account though. Thumbs down on pricing as you will get slipped / fees when buying crypto’s or exchanging them since no Tier 4 currencies can be withdrawn. Experimenting with $50 resulted in $10 worth of fees by the time I was able to withdraw to an exportable currency. 5) coin swaps without a custodial has taken me to ChangeNow and I have no complaints so far. They are quick and at least get you a good price for most major coins and some smaller ones too. 6) staking is my next adventure. I’ve been researching Elrond network and a few others. Without having a Binance account it’s almost impossible to find / procure any ERD vía methods above. While I’m mainly sticking to the majors, it would be great to find a way to get some alts without having to open yet another account with binance or Crypto-com Hope this was useful, and I’m interested in any pointers you may have. Long #BTC.
Crypto purchases of GPUs may be starting back up...
I wondered about this recently, given how perfect the Radeon VII is for mining. At the time, replies to my post pointed out that the economics isn't there, so crypto GPU buys were unlikely to resume. Well, this morning, I got an analysts report. I shouldn't quote it in full, and don't want to name the analyst firm, but here are some snippets: Cryptocurrency Miners Increase Orders for Q2 and Q3; Positive for GPU, FPGA, and Foundries We believe the main reasons for cryptocurrency miners increasing mining machine orders for Q2 are the recent electric utility price drop in the Southwestern China provinces and cryptocurrency prices rebounding so far in the first half of this year. We expect mining machine orders to be ~1 million units in the 2nd half of 2019. We believe the increase in mining machine orders is positive for GPU and FPGA players, such as AMD (AMD: Buy) and XLNX (XLNX: Buy).
"Your party was beaten, your challenger's party now controls the Assembly, and hence the Assembly-Interior Ministry Committee, and further hence the Subdepartment of Elections, so you have been beaten. You shall shortly be sent home in disgrace. Unless." "I know what I must do, sir! I will immediately become a YCP delegate and vote yes for-" "NO! Tze-Yingtai will vote yes but Tze-Yingtai will remain a Progressive until after he does so." "Why wait to switch? I'm happy to switch." "We want to show the motions have bipartisan support, you idiot. Early in the next Assembly session, when I tell you to do so, you will switch parties. Now congratulations on your victory, and get out."
-Chen Qitian, a leading figure of the Young China Party, and a recently-defeated member of the Chinese Progressive Party in a private meeting. Riding on a wave of public sympathy after the publication of “Concerning the Consequences of the Present Agricultural System Within China”, the NCERA-YCP coalition were able to pressure moderate members of the ZP-PP opposition to gain enough votes to force through enact and also form a public symbol that land reform is a bipartisan effort, disillusioning many hopeful landlords of the prospect that the legislative opposition can act as a cohesive entity to maintain the current status quo in terms of agriculture. Though some members of the Progressive Party (many of them former participants within the Peifu administration formerly part of the now-defunct Harmony Association) have reported allegations of intimidation by the Young China Party, citing that after some backroom meetings that they cannot ascertain what was discussed, PP members crossed the floor in regards to the land reform when they had previously been staunch opponents, the Gendarmerie has been quite lax in its investigation of such reports. Following the initial debate around the issue of clarifying whether the National Assembly has such powers (which was settled after the National Assembly voted to declare all land to be held in the common trust, ownership, and benefit of the people making that the central Qing government such had the powers to regulate, manage, and otherwise involve itself in matters of land policy and working conditions in the countryside), the NCERA has since established a framework that a radical reform programme has been developing with great momentum.
The first part of expanding governmental protections for peasants was, first, a simple nonbinding resolution condemning any forms of abuse from landlord to peasants, who are all equal subjects of the Empire, and endorses the reinforcement of central law in these regions, as opposed to the status quo of permitting landlords to continue harmful practices outside the government's vision. Though under Qing common law, such abuses are already illegal, they are allowed to continue because there has been little recent interference on such practices by the Imperial Gendarmerie, and as such landlords think that they can act with impunity as they think themselves as insulated from lawful prosecution. Though such a resolution does little more than to express the collective opinion of the National Assembly, it nevertheless serves a considerable role in demonstrating a shift in government policy. Following this, the National Assembly also introduced an inter-ministerial Office for Agricultural Reviewal, operated jointly by the Ministries of the Interior and Agriculture by which peasants can report abuses and petition for a governmental investigation for violations of Qing law, which shall be conducted primarily by the Gendarmerie, as opposed to regional security forces. Moreover, new guidelines for Qing officials who collect agricultural information (primarily for census and information to be presented to the National Assembly) have been drafted to also include the accounts of local peasants rather than simply only the landlords speaking for them. Already, reports are coming in stating that the agricultural system's previous state has been significantly misreported, and several inaccuracies are surfacing, which has been used by the ruling NCERA-YCP coalition to address any charges that the reforms envisioned by the government are unneeded. Bribery of Qing officials has been also seen as a prevalent (though hard-to-rid) issue within agricultural relations, and the Anti-Corruption Bureau of the Interior Ministry, headed by Feng Youlan, has been tasked with eliminating any larger instances of corruption that may impede on the reforms' effectiveness.
The Chinese Land Reform
Pursuant to their electoral promises, and acting at such an opportune time, the NCERA-led administration has enacted a set of agricultural laws collectively grouped under the General Land Reform Programme. Attacking what they call the private fiefdoms of another nobility, the NCERA has enjoyed a large degree of support from the peasantry, though conservative elements within the government have been viewing such a reversal of government policy as an example of the NCERA's "crypto-syndicalism". According to recent statistics, an unnecessarily large amount of land goes fallow (even in consideration of soil replenishment) due to the landlords hold of non-leased land, that is usually kept closed until new tenants arrive. In order to remedy this, a maximum of one-fourth the land under a landlord’s possession may be kept fallow without penalty (unless they can prove to the Ministry of Agriculture of any circumstances that necessitate keeping it fallow such as soil depletion), with any further land being incurring a punitive 62% tax on any exported agricultural goods and rents coming from productive land, giving the landlords a heavy incentive to keep lands worked and peasants employed. In addition, a land redistribution programme has also been enacted, following Georgist single-tax principles and seeking to set governmental intervention in economic rent, that seeks to massively benefit the peasants by forcing landlords to surrender considerable amounts of land to peasants and mandate favourable terms for land prices for those with less land as opposed to those with more land (to put it simply: peasants get economic privileges when it comes to purchasing land, as ownership of land now incurs taxes based in proportionate volume). Furthermore, the current rent system, where landlords and the gentry can set their own rent rates (sometimes reaching near-impossible numbers to realistically satisfy) on both harvests and cash earned from peasants, a new policy has been enacted with the cooperation with the Ministries of Finance and Ministry of Agriculture spearheading it that , firstly, enables agricultural harvest to be considered as government-collected tax (giving peasants the ability to pay newly-raised taxes in the form of agricultural products as opposed to cash, making the system relatively easier and less painful when the taxman comes) as well as having agriculture product and cash be translated into a singular metric of “value”, by which a government agency can better regulate landlord taxes. For instance, if a landlord operates solely from rent derived from his tenant’s agricultural product, then a limit shall be set at 37.5%. Similarly, if a landlord operates solely from rent set at a cash rate, then a hard cap shall be set on how much a landlord can pry out of a single tenant. That way, even if the landlord uses some combination of both, both will be considered as having value for governmental purposes, and as such peasants can better enjoy the fruits of their own labour.
Founding the Agricultural Bank of China
One of the main reasons that the Fengtian government enjoys so much economic prosperity is that because of its pre-established industrial base and its ownership of the former Legations Cities, it also enjoys a very high degree of foreign investment, especially from Japan, while the Qing subsequently experiences a dearth of investment. The status quo for drawing private funding for investments into the economy of giving Western companies (especially Sino-German enterprises and companies) special privileges has been reviewed, and been since seen as unsustainable, especially if in a state of war. Since the Qing government can’t do much in the ways of attracting foreign investments, aside from trying to compete with Fengtian for foreign capital in its internal infrastructure projects, the new economic policy that has been enacted seeks to reform the domestic economy in a way so that the structure reorient itself to enable internal market elements towards the singular goal of reinvigoration of growth by coordinating the energies and resources of internal forces. To this extent, the government has sponsored the creation of the Agricultural Bank of China (informally referred to as AgBank) to be stationed in Beijing (and to be later re-located to Wuchang once the Zhili War has been settled) which shall enjoy special privileges in exchange for providing the Empire’s peoples with certain services. For instance, any material goods bought on credit by the Agricultural Bank of China shall be relatively free from any excise taxes that would normally be collected, in exchange for the Agricultural Bank of China offering any who approach a loan to pay for such material goods easy access. Operating under the reserve-fractional lending system commonly employed by American banks (with its notable benefits in being able to act as a monetary pump that is not pegged to any larger economic activity, while also ensuring economic growth even if the silver-backed Qing currency begins to lose value), the Agricultural Bank of China shall act as creditor to domestic enterprises, and enable purchases on credit on (hopefully) a national scale. Furthermore, AgBank is expected to establish a clear line of credit to well-off peasants, enabling them to purchase equipment for agricultural mechanization in installments set by the bank. The credit system in particular (akin to pre-Weltkrieg British mortgage system in terms of housing) is structured to help circulate much-needed capital from spender-to-seller and be infused to business ventures while monetary resources are no longer locked to back up physical goods. The Agricultural Bank of China is to be established as a private entity within the territories of the Empire, with the Imperial Qing Government as majority shareholder (with economic decisions from the government in regards to management of the Agricultural Bank of China being done to the discretion of the Ministry of Finance unless otherwise defined by the National Assembly in any future circumstance), that has also been granted a specially-issued government charter by which it is to act under. Moreover, the AgBank is also permitted the autonomy to establish holding companies in its name, as well as establish subsidiary branches, unless directed not to under the bank’s board of directors. Every six months, the AgBank is to submit a report to its shareholders concerning its larger operations, and follow the directives of its board of directors that are decided through a majority vote (which is granted in numbers of relative shares any singular holder retains). Chang Kia-ngau is to be the first Bank President for the Agricultural Bank of China, and shares are currently being sold to private individuals in order to build up monetary reserves to begin both fractional-reserve lending operations and domestic investments. The Agricultural Bank has also begun to issue loans secured by applicants’ property, so that any larger issues such as low crop yields or damages incurred may not become a serious hindrance in domestic growth, while also ensuring collective bailouts for any that suffer such damages (with a small fraction being directed towards the bank) through insuring personal holdings (giving internal stability in terms of regular economic boom or decline). As such, assets (such as cattle, agricultural tools, or land) can be acquired without tremendous risks involved. The Agricultural Bank of China is expected to enjoy the de facto status of the Empire’s lender of last resort in order to provide liquidity within the internal market so that goods (especially for peasants and agricultural products) can retain a larger part of their value as opposed to the former system of producers being forced to sell at a loss in order to mitigate economic damages.
Sharing the Wealth (No We’re Not Longists)
Given the considerable success of Fengtian’s “String of Pearls” plan in developing the former Legations Cities (even if Western-built infrastructure within the region assisted in a substantial capacity), current Qing economists have come to the view that the economic benefits of a centralized banking system should be spread out as far as possible to increase the prospective volume of the bank itself: the larger the bank’s reach is, the more successful it is set to be. To this end, one of the first actions the AgBank’s board of directors have done is to direct the Bank’s efforts to the South (with a main goal of establishing a subsidiary company or branch office in Guangdong). Should the Presidency and the Chairmanship of the Kuomintang Government agree, then any branch offices or subsidiary companies shall operate under the centralized apparatus of the main Agricultural Bank of China, but will abide by any set regulations enacted by the Kuomintang Government (with the exception to nationalization of any assets in ownership by the Agricultural Bank of China within Kuomintang-controlled territory, at least until a point where the AgBank has matured to a point where it can survive a major nationalization). Moreover, it is requested that the Kuomintang undergo a similar land reform as currently underway within the Qing to better streamline operations for easy investment between private individuals involved with the AgBank. The peasants in Kuomintang territory will enjoy similar increases in available capital (though not to the extent as it would if the KMT were to perform coordinated cooperation with Qing authorities) and nascent resource extraction operations will be able to receive AgBank loans.
Experimenting with Reserve Currency
In order to also assist with establishing the Agricultural Bank of China, and keeping it afloat even in the event of war, Qing economic hardship, poor harvests, or other events that may affect economic stability, the Agricultural Bank of China has sent a request to the Qing Foreign Ministry to establish a reserve currency. An experimental idea, the notion of a reserve currency for the Agricultural Bank involves setting controlled intra-monetary exchange rates with foreign currency in accordance to both domestic and international market fluctuations to ensure that the bank doesn’t suffer too traumatically from any pullout of capital from domestic investors. As such, the Foreign Ministry has requested both the Russian State and New England to enable the Qing government to set an official exchange rate to guarantee some value of Qing currency to prop up the AgBank with ease by ensuring private confidence. Though Germany was considered as a candidate, especially considering the presence of Sino-German business ties within the Qing government, the current conflict between Japan and Germany has decreased the Chinese consumer’s confidence in the Papiermark’s value, and as such the AgBank has declined to store Papiermarks as part of its stored reserve currency. After consideration of the Dominion of Canada’s internal economic efforts, it has been surmised that, although the Canadian economy has a good potential for growth and would form a strong basis for reserve currency, there would not be enough Canadian dollars in foreign circulation outside the Atlantic area to effectively maintain storage in China. Since the rupee is shared between the Dominion of India and the Princely Federation, such currency has been deemed too unstable for use while the AgBank is being established. As such, the candidates for use in the reserve currency are the ruble and New England dollar. The current Yuan-to-Ruble and Yuan-to-New England Dollar rates, as set by market estimates, shall be used as a basis for the reserve currency. If New England and the Russian State agree to the proposal, then an emergency stockpile of rubles and New England dollars shall be maintained within the AgBank’s holdings, and make the current valuation rate a metric for foreign trade, thus ensuring (in theory) the value of the bank’s Yuan in any and all investments so long as the foreign currency reserves aren’t depleted (which is unlikely to happen unless in the worst of economic depressions).
Heading into 2020, buying Bitcoin and cryptocurrency in Canada can be a difficult process. Yes, there are a lot of options, but there are also a lot of factors to consider when choosing which platform is right for you. In this article, we break down what details to consider, and rate our top Canadian cryptocurrency exchanges available specifically to Canadians. A Canadian exchange so there’s no need to worry about international transaction fees; You can pay with a credit card, a debit card, bank transfer, Interac e-Transfer and a wire transfer and fund your account with crypto or Canadian dollars. On the other hand, Bitcoin exchanges such as Bitbuy, the most popular Canadian crypto exchange, let you fund your account via Bank Wire, Interac eTransfer, or Flexpin. As a Canadian trader, the best thing about using a local exchange like Bitbuy is the ability to pay in your native currency, i.e. the Canadian Dollar (CAD). Canadian Bitcoins. Ottawa-based exchange Canadian Bitcoins offers six cryptocurrencies. It lets you fund your crypto purchase with electronic transfers or by paying cash at their office or through express mail. Buy Bitcoin Canada. Buy Bitcoin Canada is a bitcoin seller owned by Ottawa-based blockchain company Bitaccess. You can fund your About $190m in cryptocurrency has been locked away in a online black hole after the founder of a currency exchange died, apparently taking his encrypted access to their money with him.
Personally, for smaller amounts, I'd rather use a different CAD exchange that doesn't require me to go anywhere or split up my payments. Kraken is great for large buys, making use of their wire ... LIKE, SHARE SUBSCRIBE!!! This video is about Crypto Currency Investing For Canadian Beginners. I talk about setting up your currency exchange account's and crypto wallets in Canada. In this Video, I will show you how to Trade on Luno Exchange. Luno: http://bit.ly/2dluno Extra: Bundle is an app that lets you send cash & trade crypto for f... A review of the major Crypto exchanges in Canada including tokens offered, ease-of-use, fees, mobile apps and deposit / withdrawal limits. Links: - Coinsquar... Shakepay Link: https://shakepay.me/r/Z3AUZHI Note the Shakepay funding address has changed! It's now email@example.com Binance Link: https://www.binance.co...