Canadian legislators in the House of Commons say the government should embrace blockchain technology and crypto after an extensive study of the digital asset industry.
In a new report, the members of the Standing Committee on Industry and Technology say the testimonials they have collected indicate that blockchain technology is already changing Canada’s digital landscape.
They also recommend that the government recognize blockchain as an emerging industry that offers significant long-term economic and employment opportunities.
“The committee heard about the real contributions blockchain technology is making to the Canadian economy and its potential to provide significantly more value in the future.”
Lawmakers recognize the risks and challenges of digital assets, including the volatility of crypto prices and the use of digital assets in criminal activity, but they defend consumers’ rights to use crypto.
“[T]The Government of Canada should be guided by the principle that individuals’ right to self-preservation should be protected and that easy access to safe and reliable slip roads must be defended and promoted.”
The lawmakers say the government can clarify its regulatory approach by establishing a national blockchain strategy after consultation with stakeholders.
“Regulatory improvements can and should be made to ensure Canada continues to be a leader in cryptocurrencies and the wider blockchain industry.”
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