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ARTICLE · 20 NOVEMBER 2017

Canadian Taxation Of Cryptocurrency ... So Far

Gowling WLG
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Cryptocurrency is digital "money" that utilizes encryption techniques to regulate the issuance of units and verify their transfer.

CanadaTechnology
Mariam Al-Shikarchy
Mariam Al-Shikarchy
Steven Baum
Steven Baum
Laura Gheorghiu
Laura Gheorghiu
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Cryptocurrency is digital "money" that utilizes encryption techniques to regulate the issuance of units and verify their transfer. Cryptocurrency operates without the participation of a central bank or other government agency. There has been a proliferation of cryptocurrencies – there are now over 900 worldwide; a number that continues to grow as more cryptoproducts are developed.

Bitcoin is the most well-known and popular cryptocurrency, having reached a market capitalization (which fluctuates significantly) of over US$91 billion at the time of writing. Cryptocurrency can be acquired as payment in exchange for goods and services, can be purchased on cryptocurrency exchanges (in exchange for traditional currencies or other cryptocurrencies) or in "initial coin offerings", and can even be "mined". Mining refers to a process whereby persons solve complex mathematical problems, by which method they process or settle cryptocurrency transactions. Miners receive

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