Courts have always played a vital role in the progression of any newly introduced market product. Digital currency is one of the primes concerning points of all government bodies. Numerous efforts are put in by the authority to preserve and protect the misuse of digital currency.
Not only in Canada, but it’s difficult in all countries globally to have a strict hand on crimes. Putting the argument in the nutshell, one of the significant crimes in today’s world is digital currency scams. Something which is new to the world, people having expertise in the field can easily manipulate. Various scams have been recorded around the world.
A substantial step has been taken by the Canadian Courts on this critical issue. A recent statement given by Justice Pepall of the Ontario, Appellant Court gave hope to all scam victims. He stated that the legal system of Canada is putting in efforts to tackle the wrong transactions in society. Showing his emphasis on cryptocurrency he stated that full support is being provided to shelter cryptocurrency.
While doing the analysis of the issue it was observed. Cryptocurrency is a newly introduced investment and highly lacks rules and frameworks. Anything that is out of the ambit of law can be attacked easily. The same is being done with the cryptocurrency but now the court has demonstrated their full attention on the issue. The courts have been directed to apply all criminal and civil recovery remedies to cryptocurrency. Various case laws were also quoted on this incidence where courts treated cryptocurrency as a physical asset.
There is numerous question which is still under consideration on this issue. While considering the issues of digital currency. It was analyzed that it has a difficult approach than a strong prima facie case. In this regard, the case law Neural Capital v 1156062 BC Ltd was also referred. This issue involved in the case gave an equitable remedy by issuing a freezing order on digital currency. This order being the most appropriate order helped to treat crypt equal to all physical assets.
Not only being justiciable with the bitcoin issues, but the Canadian legal system has widened its scope for digital currency. It was stated that all digital currencies should follow the laws of financial institutions. All these changes will bring cryptocurrency under the ambit of law and justice.
Along with bringing the cryptocurrency under the ambit of the law. A number of questions have been raised on this issue by the legal official. Whether securing the digital currency is an act of public interest or not. Whether security to bitcoin has a long-lasting beneficial effect on the legal system etc. Still, the efforts put in by the Canadian Court are appreciable.