The Government of Canada defines cryptocurrencies as a a type of digital currency created using computer algorithms. (The most popular cryptocurrency is Bitcoin)
Digital currencies can be used in Canada to buy goods and services on the internet and in stores that accept digital currencies.
Digital currencies, such as Bitcoin or other cryptocurrencies, are not legal tender in Canada. Only the Canadian dollar is considered official currency in Canada.
The Currency Act defines legal tender as:
- bank notes issued by the Bank of Canada under the Bank of Canada Act
- coins issued under the Royal Canadian Mint Act
More information on cryptocurrencies in Canada can be seen at: