Ottawa Turns its Eye to Virtual Currencies

Virtual currency bitcoin is in line for special scrutiny in this year’s budget to ensure it can’t be used to launder money or finance terrorism.

The move is part of a sweep of measures aiming to sever possible links between domestic organizations, such as charities, sports groups and online casinos, and organized crime or terrorists.

“It is important to continually improve Canada’s regime to address emerging risks, including virtual currencies, such as bitcoin, that threaten Canada’s international leadership in the fight against money laundering and terrorist financing,” the budget document says.

The plan is to change laws and regulations so crime syndicates and terror groups can’t make use of bitcoin or online casinos to keep their illegal operations running under the radar.

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