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Canadian Government Pushes for Sweeping Ban on Bitcoin, Crypto ATMs

Canadian Government Pushes for Sweeping Ban on Bitcoin, Crypto ATMs

Canada’s Department of Finance has proposed a total ban on Bitcoin and crypto ATMs, describing the measure as a way to protect seniors and vulnerable people.

In an economic update released on Wednesday, the country’s government described machines that let customers exchange cash for digital assets as “a primary method” for scammers set on bilking a growing number of Canadians out of their hard-earned cash.

Provinces like Quebec have required crypto ATM operators to secure licenses as money-services businesses, or MSBs, for years, yet the proposal would effectively supersede localized frameworks by ordering a nationwide shutdown of the self-service kiosks that are commonly found at gas stations and convenience stores…

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