Canada lawmakers call for national blockchain strategy

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Key takeaways:

  • A Canadian legislative committee is urging the government to establish a national blockchain policy that explains the nation’s regulatory stance. 
  • The report’s recommendations aim to establish a comprehensive national strategy that positions Canada as a leader in blockchain technology.

In a recent development, lawmakers in Canada have called for the establishment of a national blockchain strategy. Recognizing the transformative potential of blockchain technology, Canadian officials are seeking to create a comprehensive framework to harness its benefits across various sectors. 

In a report titled “Blockchain Technology: Cryptocurrencies and Beyond,” lawmakers in Canada have put forward 16 recommendations urging the national government to recognize blockchain as an emerging technology in the country. The report emphasizes the significant long-term economic benefits and job creation opportunities associated with blockchain.

The recent call for a national blockchain strategy in Canada comes as positive news for the cryptocurrency landscape in the country, especially considering the regulatory crackdown on crypto exchanges that has been ongoing for some time. 

Exchanges like Bybit and Binance have faced challenges due to regulatory actions, making the need for a comprehensive strategy even more significant.

This proposal has also  received plaudits from crypto behemoth Coinbase, which regards Canada as a crucial market for its global expansion

Lawmakers have issued a report recommending the implementation of a policy based on the principles of self-custody in cryptocurrency. They emphasize the need to protect access to platforms that facilitate the conversion of fiat currencies to cryptocurrencies. 

The report cites a previous incident where authorities attempted to seize Bitcoin donated to a protest, highlighting the potential conflict that could arise in such situations. Despite recent efforts to introduce crypto regulations, the report proposes that the government develop a national blockchain strategy with the involvement of experts, entrepreneurs, academics, investors, and the AI industry. 

The suggested strategy aims to establish a platform for sharing information and monitoring, identify areas for disruptive innovation, offer guidance on promising initiatives, and provide support for implementation.
The lawmaker committee in Canada is urging the government to create a specialized regulatory framework specifically for stablecoins. They recommend treating stablecoins as a distinct category of assets, similar to the approach taken by the European Union’s Markets in Crypto Assets (MiCA) regulations. This bespoke regulatory regime would differentiate stablecoins from other types of cryptocurrencies.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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