Canada and cryptocurrency remain a very odd couple. New taxation guidelines only compound the confusion, with little or no improvement in sight.
The overall history between cryptocurrencies and Canada has always been fairly complex.
Cryptocurrency in Canada Remains Complex
Although this industry has thrived in the country, there has also been plenty of opposition.
That latter part is fairly normal, as most countries around the globe have dismissed bitcoin from day one.
The Canadian Revenue Agency, or CRA, is only now starting to take cryptocurrencies more seriously.
This has created another very controversial and complex situation for enthusiasts to take note of.
Unlike other regions, Canada does not consider bitcoin and altcoins to be money used to buy goods and services.
Instead, the CRA created a brand new category for cryptocurrencies in the form of virtual payment instruments, or VPI.
While that scenario could work, it appears things need to become far more complex, for reasons unknown.
The VPI label will only apply to select cryptocurrencies, albeit the list has not been made public as of yet.
Considering how there are no guidelines regarding crypto incomes from mining, Canada still has plenty of work to do.
The recent questionnaire sent out to all potential crypto holders, a new step is taken to tax bitcoin and altcoins in whichever way possible
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