Canadian officials recognize blockchain technology’s benefits and potential, arguing that it is an important industry with significant promise for economic development. They also urge the country’s authorities to ensure secure access to digital assets.
Representatives of the House of Commons Standing Committee on Industry, Science and Technology (INDU) presented a report expressing support for blockchain technology and cryptocurrencies.
In the report, officials recommend that the Canadian government recognize blockchain as an emerging industry, highlighting its significant economic and job-creation potential. INDU members detailed ways authorities can support the development of the blockchain industry in Canada. Among the recommendations that were proposed for consideration by the House of Commons and the government were:
- Create a national blockchain strategy, which should involve entrepreneurs, academics, investors, and representatives of the artificial intelligence (AI) industry.
- Create a platform for information exchange, monitoring, and analysis of promising areas of blockchain technology implementation.
- Conduct consultations on promising blockchain initiatives and support their implementation.
- Establish international cooperation in the development of a regulatory framework for blockchain companies.
- Conduct innovative pilot projects using distributed ledger technology (DLT).
- Adopt a regulatory framework for the stablecoin sector.
- Encourage cryptocurrency storage application providers to be clearly regulated by government agencies.
- Provide access to banking and insurance services for blockchain companies.
However, officials also argue that despite all the visible benefits of blockchain technology, the government needs to launch awareness campaigns to raise public awareness of the risks associated with cryptocurrencies. They should primarily emphasize the benefits of access to Canada’s regulated cryptocurrency markets.
As a reminder, despite the government’s neutral stance on digital assets, Canadians actively use cryptocurrencies, and two-thirds of Canadians are willing to be paid in cryptocurrencies.
