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ARTICLE · 10 JANUARY 2019

Can Cryptocurrency Be Inherited?

Pallett Valo LLP
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You've heard the terms – cryptocurrency, blockchain, bitcoin – but unless you have been personally dabbling in the emerging virtual currency marketplace, it is unlikely you have given it much thought.

CanadaFamily and Matrimonial
Craig Ross
Craig Ross
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You've heard the terms – cryptocurrency, blockchain, bitcoin – but unless you have been personally dabbling in the emerging virtual currency marketplace, it is unlikely you have given it much thought.  This article attempts to decode the mystery of cryptocurrency, explains its legality in Canada, and discusses whether cryptocurrency can form a legitimate part of a deceased's estate.

What is cryptocurrency?

Cryptocurrency is a form of digital money. It is not regulated by a governmental body. The most popular example of a type of cryptocurrency is Bitcoin.  Transactions in cryptocurrency are irreversible (once transferred, the currency cannot be recalled, even for reasons of fraud).  Cryptocurrency can be owned virtually pseudonymously – it can be difficult to trace cryptocurrency ownership to an actual individual.

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