After Isle of Man, Bitcoin seems to have found another foster parent in the form of Canada. The North American nation has recently made its stance on Bitcoin official with the help of a Senate report titled “Digital Currency: You Can’t Flip This Coin!” This report was published by the Senate Standing Committee on Banking, Trade and Commerce (BTC) explaining about the government’s current outlook towards Bitcoin, expected regulations and more.
Canada has always been more receptive about Bitcoin since the cryptocurrency started gaining attention in the world. The government, in order to gain a better understanding of the nature of the cryptocurrency, the technology behind these digital currencies, its potential role in the country’s economy and any risks associated with it. The potential risks reviewed includes the possibility of using Bitcoin to commit crimes, terrorism and fraud.
Andreas Antonopoulos, an information security expert from California had earlier consulted with the Government of Canada to offer them insights about Bitcoin and its effects on local and global economy. Andreas is also the host of “Let’s Talk Bitcoin” podcast and a teaching fellow for the Master of Science program in Digital Currency at Cyprus based University of Nicosia. He has also worked with the Australian government as a consul for Bitcoin and other digital currencies.
Last year, Andreas had explained about the advantages of Bitcoin in terms of security and privacy. He had also mentioned about the zero-trust network and how it can be leveraged upon to conduct transactions with any need for centralized regulation and monitoring. The Senate report’s opening assessment reiterates Andreas’ views.
In conclusion, the report makes it clear that the Senate is convinced about the various advantages and opportunities of these digital currencies and its underlying technology offer and the government, both federal and state alike should focus on maximising the opportunities. It also recommends a balanced regulatory approach which doesn’t stifle innovation in digital currencies and associated technologies at the current stage of development.
The Senate Committee is convinced about the opportunities presented by Bitcoin and other digital currency related businesses and technology is far greater than the challenges it poses. The Committee wants the Canadian government to provide ample opportunities and conditions for the Bitcoin sector to grow and address the challenges that affect them.