In a recent report released by the Parliamentary Standing Committee on Industry and Technology (INDU) of the Canadian House of Commons, Canadian lawmakers expressed their support for blockchain technology and cryptocurrencies. The report, comprising 16 proposals, highlighted the numerous advantages and potential applications of blockchain in various sectors.
The committee put forth recommendations that emphasize the recognition of blockchain as an emerging industry with substantial long-term economic and job creation opportunities. The protection of individuals’ right to self-custody and the promotion of safe and reliable access to digital assets were identified as crucial priorities. To achieve these goals, the INDU proposed the establishment of a national blockchain strategy involving experts, entrepreneurs, academics, investors, and the artificial intelligence (AI) industry cluster. This strategy aims to facilitate information exchange and monitoring, analyze promising areas for disruption, provide advisory support for the government’s initiatives, and aid in their implementation.
Additionally, the report suggested pursuing international cooperation in developing blockchain regulations and policies, conducting innovative pilot projects using distributed ledgers, adopting a distinct regulatory approach to stablecoins, encouraging the formation of federally regulated cryptocurrency custodians, and granting blockchain firms access to banking and insurance services. To raise public awareness about the risks associated with cryptocurrencies and promote the benefits of accessing regulated Canadian entities within the cryptocurrency market, the report recommended establishing a comprehensive public awareness campaign.
Furthermore, the committee urged the government to explore ways to promote the adoption of blockchain technology in supply chains and to study its potential for enhancing electronic voting, consultation processes, and the modernization of democratic institutions. In relation to legislative changes proposed by the Department of Finance regarding the Excise Tax Act and its application to crypto asset mining and remuneration, the INDU proposal called for investigations into equitable province-wide implementation.
By advocating for these measures, the Canadian committee aims to propel blockchain technology into the mainstream and foster its growth across various sectors. The report reflects a proactive approach by the Canadian government in embracing emerging technologies, recognizing their potential, and creating an environment conducive to innovation and economic development.
Overall, the report emphasizes the importance of supporting blockchain technology and cryptocurrencies, while also addressing regulatory concerns and promoting responsible adoption. By implementing the proposed measures, Canada has the opportunity to position itself as a leading jurisdiction for blockchain innovation and contribute to the growth of the digital economy.