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New government regulation takes aim at bitcoin currency Dollars & C Sense anada and other countries around the world ght crime and terrorism by monitoring economic activity. That is now becoming more dif cult with the creation of a virtual currency known as bitcoin. Bitcoin came into existence in 2009. It is a form of electronic cash (ecash) and operates differently from conventional currencies that are created by countries. The Canadian dollar and other sovereign currencies trade with speci c rules that are a result of the international co-operation between governments to assist police ghting criminal activity and terrorism. Criminal activity including organized crime and terrorism leave a paper trail of economic transactions. Strict rules make it harder for criminals to pro t from crimes, such as the nancing of terrorist activities. There are no such rules with bitcoin. Transactions occur freely between individuals and organizations with no questions asked. The starting point for any criminal or terrorist activity is to make the money appear legitimate through money laundering. This is done with a series of transactions where the proceeds of crime are transferred into legitimate money or other assets. Funds are then easily moved around without attracting any attention from the authorities. The recent federal budget announced a crackdown on bitcoin. Our government plans to regulate online currencies. The budget said, "it is important to continually improve Canada's regime 11 | Thursday, February 20, 2014 | OAKVILLE BEAVER | www.insideHALTON.com VanSpall's nofrills.ca Peter Watson Guest Contributor to address emerging risks, including virtual currencies, such as bitcoin, that threaten Canada's international leadership in the ght against money laundering and terrorist nancing." Although the details were not given in the budget, our government wants to be able to monitor online commercial activity just as it does with traditional economic activity. The underlying issue is about individuals surrendering their privacy by allowing governments to more easily monitor their economic activity. This trend has been going on for many years and most individuals consider it a price to pay for the ultimate protection against crime and terrorism. People are aware that they are being monitored when they are asked a series of questions about the origin and legitimacy of their wealth when opening accounts at banks or investment rms. Our government's decision to regulate and monitor online currencies, such as bitcoin, is just another step towards helping us, as a society, protect ourselves against criminal activity and terrorism. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certi ed Financial Planner save Kraft Peanut Butter 750 g - 1 kg selected varieties 2 save $ 47 $ 3 50 The Canadian Central American Relief Effort (CCAMRE) is inviting residents To Wish Upon a Star to help support its scholarship program in Guatemala. On March 1, CCAMRE is hosting its Grand Latin Evening at the Lambton Golf and Country Club, 100 Scarlett Rd., in Toronto. The fundraiser supports the Oakville-based organization's education and continuing programs for the Mayan Chorti in the Merendon Mountains in the South American country. "CCAMRE believes the only way to break the cycle of poverty is through education, training and improved health," stated a news release. "With your support, we have been Residents invited to Grand Latin Evening Rib Steak Big Pack!TM or Roast Cap Off, Bone-In able to establish bene cial programs for the Mayan Chorti of the Merendon Mountain region in Guatemala." The evening begins with cocktails at 6 p.m., followed by dinner at 7:30 p.m., and includes auctions and live entertainment by the Cassava Latin Band. Tickets cost $125 and can be purchased online at http://goo.gl/gdfeUh. In 2014, CCAMRE will be building a Community Resource Centre in Peña Blanca, in Guatemala, and an additional classroom in the Timushan community. For more information on CCAMRE and its efforts, visit www.canadiancamre.org. cut from Canada AA grade beef or higher or USDA Select grade beef or higher 5 4 THIRD LINE T 88 lb $ 211 lb 1296 /kg save $ 77 3 20 Coca-Cola Or Pepsi Soft Drinks 18 x 355 mL selected varieties Friday concert benefits Home Suite Hope Oakville's Knox Presbyterian Church is inviting residents to a night of music in support of a local group that provides transitional housing for the homeless in Halton. The Burlington Welsh Male Chorus and the Knox Bandhood will perform Friday (Feb. 21) in support of Home Suite Hope Shared Living Corp. at the church on Dunn Street at 7:30 p.m. Tickets cost $25 in advance or $30 at the door. To purchase tickets, visit www.homesuitehope. org or visit L 'Atelier Grigorian, 210 Lakeshore Rd. E.; The Queen's Head, 118 Dunn St.; or The Kensington Revera seniors residence, 25 Lakeshore Rd. E. Prices effective from Friday, February 21 to Thursday, February 27, 2013 1395 Abbeywood Dr., Oakville Hours: Sun.-Sat. 8am-9pm ABBEYWOOD DR. NORTH SERVICE RD. W.