The Canadian government announced late last week that Bitcoin is not a legal tender. The central bank and the Office of the Superintendent of Financial Institutions will monitor developments in virtual currencies. Bitcoin is a popular cryptocurrency that is mined using powerful servers and is worth almost $1,000 U.S. per Bitcoin.
?Only Canadian bank notes and coins are recognized as legal tender in Canada. Bitcoin digital ?currency? is not legal tender in Canada,? stated an official from the Canadian finance department in an e-mail sent to The Wall Street Journal.
Canada is not the only country that has rejected Bitcoin as legal tender. The Bank of France did not recognize Bitcoin. Chinese authorities banned Bitcoin from being used by third party payment service providers.
The Bitcoin Alliance of Canada has opened two Bitcoin ATMs in Toronto, which allows customers to exchange the currency for Canadian dollars and vice-versa.