Revenues are collected in Canada by the Canada Revenue Agency (Comparable to US IRS or the British HMRC) on the federal level. One of the largest concerns that governments have about cryptocurrencies is the collection of taxes.
If the blockchain does not allow the banks to report deposits and employers are not required to report Bitcoin transactions, tax revenue could shrink over time if Bitcoin’s share in overall financial transactions becomes significant.
CoinTelegraph has written recently that the CRA has ruled that Bitcoins must be reported and taxes paid on certain transactions under the Tax Act. The problem is however that neither the CRA nor another part of the government has released any guidelines for imposing, reporting or collecting taxes on Bitcoin transactions.
The first 30 machines at least will be installed for free to businesses in Vancouver and after that it is expected that new businesses will want to buy the $US 999 ATM machines for their business. Both the Lamassu and Skyhook units where showcased at the Block Party although the Lamassu was not working during the demonstration.
