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Senior market analyst at eToro believes that privacy coin usage in Canada will “almost certainly” increase as the country has officially warned citizens to protect their personal information by buying cannabis with cash.
‘Consider Using Cash’
The Privacy Commissioner of Canada has released a guidance document which addresses some of the concerns marijuana users need to address in regard to their personal information
Recreational cannabis became legal in Canada on October 17, 2018. However, as of yet, it’s still illegal in most jurisdictions elsewhere in the world. Hence, the personal information of cannabis users can be particularly sensitive.
According to the document, “some countries may deny entry to individuals if they know they have purchased cannabis, even lawfully.”
As such, the Privacy Commissioner of Canada has formally warned marijuana users not to provide any cannabis retailer with more personal information than necessary. What is more, users are encouraged to use cash if they are unsure of purchasing cannabis with their credit cards. The document states:
If you are concerned about using your credit card, and the option is available, consider using cash to purchase cannabis.
An Opening for Privacy Coins?
According to Mati Greenspan, senior market analyst at eToro, “this will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.”
This will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.https://t.co/C7yf4VBJSx
— Mati Greenspan (@MatiGreenspan) December 19, 2018
Canada has historically shown openness to cryptocurrencies. Early in 2018 regulators decided not to reconfigure the country’s tax laws to target digital currencies.
In addition, cryptocurrency ownership in the country has been increasing. Bitcoinist reported earlier this year that at least four different studies by institutional authorities indicate that between 3 and 5 percent of people in the country own Bitcoin.
Do you think that the protection of personal information will trigger an increase in the usage of privacy coins in Canada? Don’t hesitate to let us know in the comments below!