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Canada is taking a tough stance on crypto. The Liberal government has proposed a nationwide ban on Bitcoin and crypto ATMs as part of a broader effort to fight fraud and money laundering.
Officials say these machines have become a “primary method” for scammers to defraud victims and for criminals to launder illicit cash. According to FINTRAC (Canada’s financial intelligence agency), crypto ATMs allow quick conversion of cash into digital assets that can be sent anonymously anywhere in the world, bypassing traditional banking channels.
This proposal is significant because Canada was the birthplace of the world’s first Bitcoin ATM, installed in a Vancouver coffee shop in 2013. More than a decade later, the government now wants to shut them all down.
Lawmakers are also debating banning crypto as a form of electoral donations due to anonymity concerns.
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