Canada defends financial industry from ‘Cryptocurrency-Issues’
The Canadian government begins conversations with key players in the cryptocurrency business.
Canada’s government’s steps to digitize money
North American country, which consists of 10 provinces and 3 territories, stated in its release of the 2022 budget that virtual currencies still play a significant role in the avoidance of sanctions while also supporting unlawful activities.
Several significant nations, including India, the United States, and China, have repeated the same story in the past.
In order to strengthen the stability and safety of the financial system, Canada stated it is attempting to develop a financial sector legislation study that would examine the digitization of money.
Beginning this week, the authorities will have meetings with persons working in cryptos, stable coins, and CBDC (Central Bank Digital Currency).
During this year, Canadian truckers protesting against mandated COVID-19 rules, known as The Freedom Convoy 2021, were notably put down by Justin Trudeau (premier minister) thanks to Bitcoin.
After being blocked from other websites, such as GoFundMe, by Canadian authorities, the truckers were able to sidestep currency limitations and raise a minimum of 1 million USD using the bitcoin crowdfunding platform Tally.
In September, Trudeau attackedthe elected leader of the opposition (Pierre Poilievre), calling his rival’s opinions and goals for the “volatile” asset class examples of reckless leadership.
Quebec will stop providing hydropower to cryptocurrency miners
Samson Mow, a past Chief Security Officer at BTC infrastructure company Blockstream, expressed his disappointment with the Canadian government’s stance during an interview with Blockworks.
The issue here is not the digitization of money; money has indeed been electronic for an extremely long time. The problem, according to the Canadian-Chinese person, is that cash is now digitized but not under their control because of the invention of Bitcoin.
In addition to leading game studio Pixelmatic, Mow, who currently serves as the CEO of Bitcoin technology company JAN3, claimed that Canada had historically been unfriendly to cryptocurrencies, particularly bitcoin.
He claimed that among these hostilities were Canada’s refusal to lend money to bitcoin businesses and its refusal to provide mining companies access to its enormous spare electricity.
In fact, a significant utility company from Quebec, the country’s largest province, has urged the area’s energy regulator to halt the distribution of hydroelectricity to BTC miners.
The nation’s attitude toward miners, who are responsible for maintaining the safety and stability of solid evidence blockchains, most notably Bitcoin, has been increasingly antagonistic in recent years, prompting many of the larger players to look for clean energy in other countries.
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