Canada has decided to reveal some of its plans for the future of Bitcoin and other virtual currencies: the country’s Revenue Agency (CRA) recently released a statement regarding the taxation of cryptocurrency, which had been promised in May.
According to Coindesk, the document, entitled “What you should know about Digital Currency”, provides guidance to tax advisors working with Bitcoin companies in the country, reinforcing the CRA’s former opinions on the subject. It starts by describing cryptocurrency like this:
Digital currency is virtual money that can be used to buy and sell goods or services on the Internet. Bitcoins are an example of digital currency. Bitcoins are not controlled by central banks