Bull Bitcoin Announces Canadian Dollar Payments on Liquid Through L-CAD – Bitcoin Magazine
Bull Bitcoin, a Canada-based Bitcoin alternate, has introduced that it has developed Liquid CAD (L-CAD), a non-custodial, pay as you go voucher denominated in Canadian dollars, issued on the Liquid community.
In a publish on Medium, CEO Francis Pouliot highlights that this product is supposed to speed up the adoption of bitcoin by Canadians. Each L-CAD is bought with Canadian dollars that then enter a closed-loop system designed to finally convert into Bitcoin. Bull Bitcoin isn’t offering a technique to redeem L-CAD again to fiat dollars, however acknowledges that they can’t forestall L-CAD from being traded on secondary markets.
Is L-CAD a Stablecoin?
No, L-CAD is extra akin to a present card that may be redeemed on Bull Bitcoin and affiliated retailers solely. It is regulated by the province of Quebec as a pay as you go card underneath the Consumer Protection Act and the Regulation respecting the appliance of the Consumer Protection Act Consumer Protection Act.
The buy of Bitcoin utilizing Liquid CAD is regulated in Canada by the Financial Transactions and Reports Analysis Centre of Canada underneath the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17).
How Do You Get L-CAD?
Users can purchase L-CAD via the Bull Bitcoin alternate both by withdrawing from their bitcoin account stability or buying them on the platform. Additional liquidity suppliers are anticipated to additionally work with L-CAD.
What Problem Does This Solve?
Pouliot explains in his publish that “the purpose of Liquid CAD is to facilitate the transfer fiat in the context of the purchase and sale of Bitcoin and providing innovative new services that help Bitcoin users hedge the value of Canadian dollars against Bitcoin in the context of their commercial transactions.”
More to the purpose: Once you’re utilizing L-CAD, you’re going to seek out your technique to bitcoin and so they don’t need you to return.