Cryptocurrency and Bitcoin are very much the buzzwords of the last five years, with mainstream media picking up on digital coins ever since Bitcoin’s price rocketed in 2017. With so much positive press and debate surrounding them, it’s not surprising that so many Canadians are looking to get involved.
One trend that’s remained rather strong over the years has been that of Canadian interest in crypto gaming. As you’d assume by the very nature of cryptocurrencies, you tend to need to be computer savvy and in touch with internet trends, which has perfectly positioned Canadian gamers for crypto.
Before you embark on some crypto gaming, however, it’s worth clarifying the legal state of cryptocurrencies in Canada, as well as the range of outlets that accept crypto payments.
Is owning and spending cryptocurrency in Canada legal?
Yes, you are free to acquire cryptocurrencies from Canadian and non-Canadian cryptocurrency exchanges that register with the Financial Transactions and Reports Analysis Centre of Canada. You can then use it to buy goods and services wherever it’s accepted by online vendors.
However, while this won’t influence your capacity to partake in crypto gaming, you should be aware that Canada does not consider any cryptocurrency to be a form of legal tender. So, the exchange of crypto with people and accepting vendors is legal, but crypto isn’t supported by the Bank of Canada.
There are many cryptocurrency exchanges that have been setup in Canada to grant residents access to the likes of Bitcoin and the popular altcoins. The top-rated Canadian exchanges are Coinberry, Coinsmart, NDAX, and Bitbuy. All of these allow for payments to be made in Canadian dollars.
From there, you’ll need a software or hardware-based wallet to store your bitcoins and altcoins. With your coins moved into a wallet, you can spend them online at just about any vendor that accepts them.
The state of play for crypto gaming in Canada
As the laws on both are somewhat blurred, many Canadians wonder not only if they can spend bitcoins, but also if they can be used on betting and casino gaming sites. As clarified above, you’re free to buy cryptocurrencies and use them online. Online gambling sites are permitted in Canada’s internet space, provided that they’re not operated in Canada – making overseas sites legal.
So, all that you need to do is find a site that will let you gamble with bitcoin. This isn’t always the easiest task, but there are a handful of respected sites loaded with slots, table games, live games, and game shows that let you gamble with bitcoin. An essential aspect to keep in mind is if the gaming site offers Bitcoin deposits and Bitcoin withdrawals, as you don’t really want to play just to convert winnings back to CAD.
In the realm of video gaming, several of the most popular brands accept bitcoins as a form of payment. Microsoft and Xbox continue to accept bitcoin payments when the markets aren’t overly volatile, and Sony even granted PlayStation Network subscriptions to be claimed through bitcoin payments. While Steam looks to bring back bitcoins eventually, casual gaming providers Big Fish and Zynga still accept it as a payment method.
As a Canadian with bitcoins, you’re free to get more and spend them on the crypto gaming platforms that you want to play.