Is Canada using cryptocurrency as its official currency?
ali al3mariDec 26, 2021 · 3 years ago3 answers
Is Canada currently using cryptocurrency as its official currency, or is it still relying on traditional fiat currency?
3 answers
- Dec 26, 2021 · 3 years agoNo, Canada is not using cryptocurrency as its official currency. The country still relies on traditional fiat currency, which is the Canadian dollar (CAD). Cryptocurrency, such as Bitcoin and Ethereum, is not recognized as legal tender in Canada.
- Dec 26, 2021 · 3 years agoAs of now, Canada has not adopted cryptocurrency as its official currency. The Canadian government has not shown any intention to replace the Canadian dollar with a digital currency. However, cryptocurrencies are legal and can be used for transactions in Canada.
- Dec 26, 2021 · 3 years agoWhile Canada has not officially adopted cryptocurrency as its national currency, there are digital currency exchanges, such as BYDFi, that operate within the country. These exchanges allow Canadians to buy, sell, and trade cryptocurrencies. However, it's important to note that BYDFi is just one of many options available to Canadians, and individuals should conduct their own research before choosing a platform to engage with.
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