State of Play of Cryptocurrencies in Canada After a Turbulent Year

Scoop Canada Team
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Cryptocurrency has gone from a rebellious form of currency that a small community bought into early to defy the central banks of the world to a popular form of investment for all those that the original adopters despise. Such interest fuelled a tremendous amount of debate in social and political circles. However, since the second wave of price peaks in 2021, and the long-hailed “bubble” finally “bursting,” the topic looks to have cooled off a bit.

Where debates about regulations once were, the political focus has turned away, but that wasn’t before some key moves were made here. In Canada, it’s been a particularly turbulent year for digital currencies. Sure, prices have enjoyed a resurgent 2023, with this market performance report relaying as such, but the responses made to the rise of crypto resulted in a bit of a loss of momentum in the country.

Guidelines that encouraged Binance to move out

Binance is one of the biggest platforms in the world of cryptocurrency trading. So, when headlines hit on May 12 that Binance would be withdrawing from Canada, it caused quite a stir in the crypto community. The move was made as a direct response to new guidelines that had been brought into force for exchanges of digital currencies. The guidelines included mandating the need for people to register and placing limits on investors.

However, earlier in the year, the Bank of Canada noted that there had already been a decline in cryptocurrency ownership across Canada in 2022. Seemingly, while awareness continued to grow, the 2021 peak of over 13 percent ownership sunk to just over ten percent by the close of 2022. On top of the decline in ownership, provinces have demonstrated concerns about crypto mining and its energy consumption.

Canada looked to be ideal for crypto mining. The climate is cool, the energy infrastructure is strong, the regulatory situation was reliable, and, most importantly, a huge amount of the energy available could come from renewable sources. Still, provinces like B.C. have thought it best to take a step back and review the impact that having so many crypto-mining operations running at once could have on its energy reserves.

Crypto can still be utilized in Canada

Even with Binance pulling out and provinces teetering away from a fully-fledged crypto mining scene, cryptocurrency isn’t going anywhere in Canada. As the Bank of Canada found, some ten percent of Canadians still own and can use their coins. A key area that’s opened up to this to make crypto more than a mere investment asset is online casino gaming,

Many online casinos now accept crypto as a form of payment, while some specialist platforms have become pure crypto casinos, dealing in the likes of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and more. These gaming sites are everywhere, but not all of them meet the high standards of industry experts. So, it’s advised that you try this site to find the sites worthy of your crypto.

Away from online entertainment, it looks like accessibility to Bitcoin, in particular, continues to improve in Canada. In what’s been billed as an “exciting strategic partnership,” Bitbuy Technologies has teamed up with Localcoin to enhance the reach of both customer-facing services. Bitbuy is one of the biggest crypto trading platforms in the country, while Localcoin is Canada’s largest Bitcoin ATM provider. The partnership will only enhance crypto as a form of money in the country.

Binance may have pulled out, and provincial regulators may be taking a reserved approach, but crypto still has its fans and uses in Canada.

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