Virtual Forex. Virtual currency (VC) is a type of digital currency representing the value in a digital format and it is active in the virtual community In most countries people can use VC as a medium of exchange but it does not enjoy a legal tender status Advancement in cryptography and network technology triggered the development of VC.

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Since virtual currency is property you must determine the ACB of each type of virtual currency you hold (Bitcoin Ethereum etc) in order to correctly report the capital gain (or loss) resulting from its use For more information see guide IN120V Capital Gains and.

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It explains your requirement under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations to include or obtain certain information in relation to an electronic funds transfer (EFT) or a virtual currency (VC) transfer This requirement is commonly referred to as the travel rule.

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Virtual currency (such as cryptocurrency) can be used as a method of payment if both parties agree or it can simply be saved It can be traded on an exchange or peertopeer without going through a traditional financial system It is a digital representation of value that is not legal tender in Canada It does not physically exist.