Tax on crypto?

You are probably referring to the characteristics of blockchain technology, rather that the so-called “currency” per se.

Generally, IMHO, it is more meaningful to think of a “crypto currency” in its current form as more akin to a “penny stock” which may be used by some in barter transactions, rather than as akin to a “loonie” coin.
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“Some crypto currencies capture all of that in every transaction”

Since much of the initial allure of crypto was the easier facilitation of money laundering and other illegal activities, now that these can be more easily traced in the crypto data, for the arrest and prosecution of same, they may well lose much of their appeal in those shadow markets…
In turn, that may well also result in less enthusiasm for those that indulge in “investing in crypto” for gambling purposes…

Interestingly, this note popped up this morning from the good folks at Tax Interpretations:

CRA is currently reviewing whether and when cryptocurrencies may not be foreign property

15 November 2021 - 10:36pm

When asked whether it might apply the UK approach of treating the situs of cryptocurrencies as following the place of residence of the holder, CRA stated:

The question of where a cryptocurrency is located, deposited or held within the meaning of section 233.3 is currently under review by the CRA.

Neal Armstrong. Summary of 8 October 2021 APFF Financial Strategies and Instruments Roundtable, Q.11 under s. 233.3 – specified foreign property – (a).