Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
A recent survey commissioned by Coinbase has revealed that 20% of Americans own crypto, with an overwhelming majority believing that the financial system in place unfairly favours those with power.
According to the study, commissioned by the crypto exchange and conducted by business intelligence firm Morning Consult, 80% of Americans believe the financial system in set up to work for those with “powerful interests.” The results also found that 67% of respondents have called for major changes in the system or a comprehensive overhaul of the financial system.
For some, cryptocurrency is the piece of the puzzle to combat the issues in the current financial system. The survey revealed that 20% of respondents currently own cryptocurrency, with nearly 30% intending to buy, sell, or trade digital asssets like Bitcoin ($BTC) within the next year. According to Morning Consult, this data has remained fairly consistent quarter-on-quarter since the beginning of 2022. This points to a strong investment holding in the market despite the uncertainties in the industry over the last year, with crypto facing crashed and defunct exchanges.
Accordig to results of the survey, advocacy for crypto is high among younger generations, with 36% of Gen Z and 30% of millennials currently owning cryptocurrency. Additionally, minority groups were found to be more likely to look at crypto with a positive sentiment, with black and Hispanic adults more likely than white adults to believe that “cryptocurrency and blockchain are the future.”
What is driving Bitcoin adoption over the traditional financial industry?
One key factor driving adoption is the increasing recognition of Bitcoin and other cryptocurrencies as legitimate assets and stores of value. As traditional financial institutions and investment firms have started to offer Bitcoin products and services, more people have become interested in owning and transacting in the cryptocurrency.
Another factor is the growing dissatisfaction with the traditional financial system, highlighted by the survey results. Many people in the USA feel that the global financial system is rigged in favour of the wealthy and powerful, leading them to look for alternatives that are more transparent and accessible. Bitcoin and other cryptocurrencies, with their decentralised nature, are seen by many as a potential solution to this problem as an accesible financial system.
However, there are still some obstacles to widespread Bitcoin adoption. One of the main challenges is the lack of clear regulatory frameworks, which can create uncertainty and hinder the growth of the industry. Moreover, there is still a lot of misinformation and confusion surrounding Bitcoin and cryptocurrencies in general, which can make it difficult for people to understand and trust the technology.
Despite the challenges, the trend towards Bitcoin adoption seems to be on an upward trajectory. As Morning Consult notes:
“There is reason to be optimistic about crypto’s future. Universally, Americans are frustrated by the inequality in the financial system and are hungry for change.“