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Back in the 1980s, you could walk into a store, hand over a few bills, and walk out with your purchase. No digital trail. No terms of service. No notifications. Cash and paper systems created a kind of natural decentralization. Payments were local, records were analog, and privacy came built into the process. That was before the internet and blockchain made it possible to link every transaction to a digital ledger.
Paying with a tap or click has made things more convenient, but it’s also made it easier for others to track where money goes and how it’s used. More people are starting to notice how financial data is collected, stored, and sometimes even sold. What used to be private is now easier to see, with tracking built directly into the system.
Prime Minister Mark Carney's first major bill introduction, , signals a potential change in how Canadians use and interact with physical money. The proposed legislation includes:
According to the federal government, the goal is to "protect Canadians from the harms caused by money laundering and terrorist financing." Yet the impact reaches far beyond illicit finance. These updates are shaping a new financial system where traceability is not optional, it is part of the infrastructure.
The push for more transparency and control has real-life implications on our spending freedom. Bill C‑2 raises broader questions about how Canadians choose to transact and what tools are available to support those decisions. It touches on:
Cash once allowed people to spend without leaving a footprint. In a digital-first economy, that kind of privacy is harder to keep. Policies designed to stop financial crime can also limit privacy for regular users. This has led some people to learn more about digital currency alternatives like Bitcoin (BTC). It offers a different model where individuals have sovereign control over how and when their coins move.
Cryptocurrencies come with their own asset class risks, including significant price movements relative to fiat currencies. For example, Bitcoin, while sometimes used for payments, is not classified as legal tender and is generally considered a commodity by Canadian regulatory authorities.
Canada had been researching a central bank digital currency (CBDC) for several years. In September 2024, the Bank of Canada announced that it was “scaling down its work on a retail central bank digital currency.â€Â
This government-issued digital money could:
As covered in our article on Canada’s digital dollar, a CBDC could also reduce privacy, depending on how it is implemented.Â
Bill C‑2 is more than a cash policy. It reflects the broader global trend we are seeing toward digitization, regulation, and oversight while establishing the framework for a future in which programmable, government-issued money may coexist with, or eventually replace, traditional fiat currency.
Although Canada has scaled back CBDC development, some Canadians are already using Bitcoin and other cryptocurrencies, like stablecoins, as parallel options. ºÚ°µ±¬ÁÏ’s guide to spending Bitcoin in Canada outlines how crypto is currently being negotiated in real life, including:
Bitcoin is not yet mainstream, but it is usable. It offers a contrasting approach to centralized digital dollars, one that emphasizes decentralization and user control over compliance and surveillance.
The volatility of BTC has provided some interesting financial statistics over time, including most famously, a pair of pizzas bought with 10,000 BTC in 2010, today it's considered among the most expensive meals in history.
Canadians now have more ways to pay, save, and move money. The way we handle our finances is shifting. At ºÚ°µ±¬ÁÏ, we break down what these changes mean in real terms. Head to our blog for real-world examples, updates on digital assets, and what they could mean for your financial privacy.
Bill C-2 is a proposed Canadian law that would limit large cash transactions and strengthen anti-money laundering regulations.
No, it won’t ban cash entirely, but it restricts its use in business or charity transactions over C$10,000.
By increasing traceability and oversight, it may reduce privacy in day-to-day transactions.
Yes, Bitcoin is legal and considered a commodity in Canada, though it is not legal tender.
As of September 2024, the Bank of Canada has scaled down its work on a retail central bank digital currency.
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