Crypto Brokers in Canada

Banks Accepting Crypto Trading

Aside from Canadian banks, other financial institutions have also taken action against the growing crypto industry. Among these actions taken include freezing clients’ accounts linked to crypto without any warning.

However, this solution proved to be unsuccessful. The restriction of Canadian banks led traders to look for other methods of purchasing Bitcoin, like forums and the site Localbitcoins. The website’s Canadian customers have ballooned up in only a few months.

Peer-to-peer stock exchange platforms, Bitcoin ATMs, and other credit unions are always accessible to transact crypto purchases. As cryptocurrency remains in demand, these services will still be within reach in the coming years.

Companies that mine Bitcoins have also hinted interest in locating in Canada due to low-cost electricity and a cool climate that keeps equipment cool.

Banks Accepting Crypto Trading

Not all banks and companies have done measures against cryptocurrencies, as some have chosen to capitalize on the rising popularity of the virtual currency. Companies like the TMX Group has been planning to develop its crypto-trading services.

On top of that, the Canadian government itself views Blockchain technology in a good light. In January 2018, the National Research Council Canada publicly announced testing Ethereum for the first time to be applied to transparent administration of government orders.

Also, Canada is looking to enforce a blockchain-based ID system called the Known Traveller Digital Identity (KDTI) with the help of the World Economy Forum.

The two systems are yet in the beginning phase of planning and testing, which means it might take a long time before these systems are completed to be launched to the Canadian people.