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Are cryptocurrencies considered legal tender in Canada?
Rounding it up
In Canada, cryptocurrencies are legal. They are not, however, considered legal tender.
So, while individual businesses can choose to accept cryptocurrency at their own risk, the relatively more formal CRA won’t accept it as a form of payment for your taxes.
However, everyone and anyone can legally purchase crypto.
Just remember to report any losses or gains from buying and selling or mining digital currencies when filing taxes. After all, crypto is taxed like any other investment.
Cedric Jackson
Cedric Jackson is a crypto writer, sharing his experience to educate and inform people about Bitcoin, cryptocurrency, and blockchain technology, aiming to provide a global perspective on the events shaping the development of the new crypto economy.
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