Government Official in Canada: Bitcoin Isn't Legal Tender

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There’s been a whole lot of innovation in the world of bitcoin going on in Canada. Just this morning we reported of CoinTap’s business coming to life in a Canadian pub. Wednesday, we reported that another bitcoin ATM  in Canada would start operating in Ottawa Thursday.

All through the the Canadian government has been relatively silent. Until now, that is. The Wall Street Journal is reporting that a government official in the country has said that bitcoin is not recognized as legal tender within their borders.

“Only Canadian bank notes and coins are recognized as legal tender in Canada. Bitcoin digital ‘currency’ is not legal tender in Canada,” said the official, who works for Canada’s finance department.

On the topic of whether or not the Canadian government plans to issue licenses to companies that exchange bitcoin for the Canadian Dollar, no comment by the official was made.

While no action is being taken toward regulating or barring the use of digital currency, the Canadian government, the central bank, and the Office of the Superintendent of Financial Institutions will reportedly continue to monitor developments in the space.