US Media Blackout of Canadian FinTrac Ruling
Last week the Bitcoin world was surprised to learn that Canada’s FinTrac would not hold Bitcoin exchanges to the strict Anti-Money Laundering and Know Your Customer regulations of the financial industry.
This decision was in stark contrast to the US’s virtual currency guidelines, in which Bitcoin exchanges are indeed held to such stringent requirements.
I submitted that perhaps this was an experiment on behalf of Anglo-American partners to see what unfolded within the two different countries as Bitcoin gained popularity.
Now,one week after the announcement by Canadian authorities, the decision has still only really been reported by a handful of outlets, and the US mainstream media, which over the past two months has covered a lot of Bitcoin developments, has been silent on the issue.
No word yet from CNN, Fox, NBC and so on regarding the ruling in Canada. But, why not?
Could it be that by highlighting Canada’s policies in regards to Bitcoin, the mainstream networks would thus also be highlighting the draconian US policy?
Whatever it may be, there has been very little mainstream discussion regarding the hardline approach to Bitcoin taken by the United States when compared to Canada’s.
Generally speaking, Canada has introduced more widespread socialist programs than has the US, which has been historically a beacon of freedom and, in recent memory, of Capitalism.
But, in their different rulings on Bitcoin, it’s become increasingly obvious that the US has instituted progressive financial policies that oftentimes exceed the Europe’s social-democracies.