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The Canadian Bar Association

Chetan Phull

Cryptocurrency

Parliament should formally legalize cryptocurrency as “money”

By Chetan Phull May 25, 2018 25 May 2018

Parliament should formally legalize cryptocurrency as “money”

 

Cryptocurrency can arguably exist as a commodity and security, and be a medium of exchange on this basis. However, legally speaking, cryptocurrency cannot be “money” in commercial dealings.

The reason is twofold. First, any contract involving the payment of “money” must be denominated in fiat currency under the Currency Act. Second, cryptocurrency has not yet achieved fiat status in Canada or any other country.

The legality of cryptocurrency contracts under Canadian law is therefore challenged by the view that cryptocurrency is in fact “money”.

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