The Regulation Of Virtual Currencies In Canada

Canada is engaged in an important effort to reform its payment system. In recent years, there have been important legislative measures to enhance the payment system including the adoption of the Payment, Clearing and Settlement Act, and the Payment Card Network  Act. There was the appointment of an expert task force (the "Task Force") that has offered a vision for a new payments system architecture in a final report entitled Moving Canada into the Digital Age. Following the final report of the Task Force, the Government of Canada created a senior-level advisory committee made up of public and private sector stakeholders referred as FinPay. More recently, the 2014 budget plan of the Government included a commitment to protect consumers and ensure public confidence in the use of electronic payment methods,   to develop a comprehensive risk-based approach to the oversight of the Canadian payments system and to consult publicly on the oversight of retail payments systems,