Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Senior market analyst at eToro believes that privacy coin usage in Canada will âalmost certainlyâ increase as the country has officially warned citizens to protect their personal information by buying cannabis with cash.Â
âConsider Using Cashâ
The Privacy Commissioner of Canada has released a guidance document which addresses some of the concerns marijuana users need to address in regard to their personal information
Recreational cannabis became legal in Canada on October 17, 2018. However, as of yet, itâs still illegal in most jurisdictions elsewhere in the world. Hence, the personal information of cannabis users can be particularly sensitive.
According to the document, âsome countries may deny entry to individuals if they know they have purchased cannabis, even lawfully.â
As such, the Privacy Commissioner of Canada has formally warned marijuana users not to provide any cannabis retailer with more personal information than necessary. What is more, users are encouraged to use cash if they are unsure of purchasing cannabis with their credit cards. The document states:
If you are concerned about using your credit card, and the option is available, consider using cash to purchase cannabis.
An Opening for Privacy Coins?
According to Mati Greenspan, senior market analyst at eToro, âthis will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.â
This will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.https://t.co/C7yf4VBJSx
â Mati Greenspan (@MatiGreenspan) December 19, 2018
Canada has historically shown openness to cryptocurrencies. Early in 2018 regulators decided not to reconfigure the countryâs tax laws to target digital currencies.
In addition, cryptocurrency ownership in the country has been increasing. Bitcoinist reported earlier this year that at least four different studies by institutional authorities indicate that between 3 and 5 percent of people in the country own Bitcoin.
Do you think that the protection of personal information will trigger an increase in the usage of privacy coins in Canada? Donât hesitate to let us know in the comments below!
Images courtesy of Shutterstock
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.