• Canadian lawmakers from the House of Commons are pushing for the government to embrace blockchain technology and cryptocurrency.
• The legislators recognize the risks and challenges associated with digital assets, but assert the protection of consumers’ rights to use crypto.
• They recommend that the government establish a national blockchain strategy following consultations with stakeholders in order to clarify its regulatory approach.
Canadian Lawmakers Push Government To Promote Blockchain and Crypto
Canadian lawmakers from the House of Commons are calling for their government to promote the use of blockchain technology and cryptocurrency. The Standing Committee on Industry and Technology recently conducted a comprehensive study on digital assets, gathering testimony that suggests blockchain technology is already changing Canada’s digital landscape in terms of economic and job creation opportunities.
Recognizing Risks And Challenges Of Digital Assets
The legislators recognize that there are certain risks and challenges associated with digital assets, such as price volatility or potential criminal activities. However, they also argue that individuals’ right to self custody should be protected, as well as easy access to safe and reliable on-and-off ramps should be defended and promoted.
Establishing A National Blockchain Strategy
In order to improve consumer protection and provide regulatory clarity within this emerging industry, the committee recommends that the government create a national blockchain strategy following consultations with stakeholders. This would help ensure that Canada remains a leader in cryptocurrencies as well as other aspects of the blockchain industry more broadly.
Protecting Consumers’ Rights To Use Crypto
The report also emphasizes protecting consumer rights when it comes to using cryptocurrencies – ensuring users have access to safe platforms where they can buy, sell or trade without fear of being scammed or losing their funds due to fraud or other issues related to regulation uncertainty in this space.
Encouraging Economic Growth Through Blockchain Technology
Overall, by embracing blockchain technology along with cryptocurrency regulations which protect consumers rights while also encouraging economic growth through jobs created by this sector, Canadian lawmakers hope their country will become a leader on an international level when it comes to these new technologies.