In a recent landmark ruling, the Supreme Court of British Columbia has set a precedent for the legal treatment of cryptocurrency in Canada. Judge Fitzpatrick awarded damages amounting to $1,240,106.22 to Mr. Nguyen against Mr. Tambosso for a dispute involving a Bitcoin loan. This case, which saw Mr. Nguyen lend 22 BTC to Mr. Tambosso, underscores a significant legal acceptance of crypto assets. The ruling highlights a shift towards integrating digital currencies within traditional legal frameworks, as the contract stipulated repayment in Bitcoin within 48 hours.
Despite this legal advancement, overall adoption of cryptocurrencies in Canada remains limited. A survey by the Bank of Canada reveals that less than 3% of Canadians use Bitcoin for daily transactions, with cash payments still predominant. In fact, 80% of Canadians carried cash in 2023, reflecting a strong attachment to traditional payment methods.
The situation could change with recent developments like Coinbase's registration as a "restricted dealer" in April 2024. This move positions Coinbase as a leading cryptocurrency exchange in Canada, aiming to enhance digital asset adoption and foster economic growth. Nevertheless, while the court ruling marks a notable shift towards crypto acceptance, the broader adoption of digital currencies in Canada faces considerable hurdles.
September 2024, Cryptoniteuae