The Canadian Senate’s Banking, Trade too Commerce (BTC) commission released its in conclusion study Fri call for the federal authorities to purpose a “light touch” inwards dealing with digital currencies.
“We’ve heard, too nosotros agree, that blockchain applied scientific discipline is at a fragile phase inwards its evolution too use,” the study reads. “This is why nosotros urge the Government to explore the vast potential of this technology, piece treading carefully when contemplating regulations that may throttle too stifle its purpose too development.”
This is travail for relief with the country’s Bitcoin community too makes Canada i of the world’s most forward-looking countries inwards encouraging conception inwards novel fiscal technologies.
The Bitcoin Community Reacts
Senators praised the many witnesses from the Bitcoin community who came forwards to evidence calling them “passionate too optimistic.”
Witness Victoria van Eyk, straightaway caput of community outreach for ChangeTip, was non surprised at the report’s recommendations.
“The senators nosotros talked to were really wary of to a greater extent than regulations too expressed concern nearly the consequence of regulations on stifling innovation,” said van Eyk.
“The commission made it clear to us that they wanted nil to stand upwardly inwards the trend of Canada becoming a globe leader inwards developing novel fiscal technologies.”
Victoria van Eyk demonstrates a Bitcoin ATM for members of the Canadian Senate (Photo courtesy of the Senate of Canada)
“The conclusions of the Senate Banking Report on digital currencies are extremely positive for all Canadians,” Bitcoin community leader Anthony Di Iorio, President of Decentral Consulting too co-founder of the Ethereum Project told Bitcoin Magazine. “Recommendations from the commission that the authorities explore the vast potential bitcoin too blockchain applied scientific discipline piece cautioning against regulations that powerfulness hinder its increment too potential remove keep the nifty chance to solidify Canada every bit a leader inwards the digital currency too cryptocurrency space.”
“This volition larn downwards every bit a defining instant inwards the history of Bitcoin inwards Canada,” said Kyle Kemper, executive manager of the Bitcoin Alliance of Canada. “This study represents the most thorough too well-balanced study of a applied scientific discipline that stands to hold upwardly every bit impactful every bit the Internet.”
Canada’s Cautious Approach to Regulating Digital Currencies
As mentioned inwards an before Bitcoin Magazine article, Canada’s federal authorities has taken a cautious approach to regulating digital currencies, too was waiting to come across what the Senate would recommend.
Because it’s an election year, the government’s attending is elsewhere too the senators did non await the authorities to answer until afterward the autumn vote.
“This is inwards draw with Bill C-31… which would come across ‘dealers inwards digital currency’ regulated every bit money services businesses,” Amber Scott founder too CEO of Outlier Solutions noted. “This type of approach is intended to foster conception piece protecting both Canada too consumers from threats posed past times money laundering, terrorist financing too other illegal activities. I’m inwards total understanding that rule must hold upwardly balanced. The possibilities that are opened upwardly past times applied scientific discipline conception are much to a greater extent than exciting than the risk.”
Expert witnesses who appeared throughout the 18-month study included:
Andreas Antonopoulos
Digital Finance Institute
Bill too Melinda Gates Foundation
Ripple Labs
BitPay
The Bitcoin Foundation of Canada
The Bitcoin Embassy
And many more.
The total report, called Digital Currency: You Can’t Flip This Coin!, is available online.
