Cryptocurrency consultation in Canada
Cryptocurrency consultation in Canada
Canadian government to launch consultation on central bank cryptocurrencies, stablecoins and digital currencies. So what are Canada’s cryptocurrency goals?
Canada: Cryptocurrencies are transforming financial systems
Canada continues to think about digital goods. In a budget update released last Thursday, it was revealed that the federal government will soon launch a consultation on cryptocurrencies, stablecoins and more digital currency central banks.
This “Autumn Economic Statement” is the government’s plan for the coming months. It covers topics and subjects such as taxes and budget projections. What is new is that an entire section is dedicated to the “digitization of money”. This section deals with cryptocurrencies and their different variants.
The text believes that cryptocurrencies they are transforming financial systems in Canada and elsewhere.
Canada’s financial regulatory frameworks therefore need to keep up, according to the lawmaker. The text reads:
“The digitization of money poses a challenge to democratic institutions around the world. In recent months, digital assets and cryptocurrencies have been used to evade global sanctions and finance illegal activities, both in Canada and around the world.”
For this reason, the government launched a consultation on these new assets on Thursday, the document says. The text provides for a legislative review of financial stability and security and other aspects of digitization.
The use of cryptocurrencies for criminal or illegal activities is coming to the fore again. Although it is possible to use the power of cryptocurrencies also on platforms such as quantum aiwhich have been around for years and which offer reliability and certainty to all traders, beginners and professionals alike.
Canada already made headlines earlier this year when Justin Trudeau invoked emergency law in response to the numerous protests that paralyzed the country.
He ordered banks to freeze and suspend accounts linked to protesters, including through donations bitcoins.
Political class divided over cryptocurrency
This summer, Canadian Prime Minister Justin Trudeau criticized an opposition party that pitched bitcoin as a way to fight inflation. In this regard, it states:
“Telling people they can avoid inflation by investing in cryptocurrencies is not responsible leadership.”
For him, the economic proposals of the opposition are hasty and dubious. Trudeau’s criticism comes after the Conservative Party, Canada’s main opposition to Trudeau’s Liberal Party, elected a new pro-Bitcoin leader, Pierre Poiliever.
A blockchain enthusiast wants to make Canada the blockchain capital of the world.
It supports alternatives to fiat currencies such as Bitcoin, especially in the fight against inflation. In this context, he stated:
“The government is crushing the Canadian dollar, so Canadians should be free to use other currencies like Bitcoin.”
He has a part of himself savings in bitcoins and even proved that he had made a purchase at a Canadian restaurant with this currency. This cryptocurrency advocate regularly challenges the National Bank of Canada.
To him, it is no longer fulfilling its role and failing to protect Canadians from inflation. We remind you that in September 2022 this share reaches 6.9% per year.
He is also an opponent of CBM or CBDC. A project that is currently being studied in Canada as well as in many countries around the world.
This case demonstrates the negative sentiment of Justin Trudeau and the Canadian administration towards cryptocurrencies. It perfectly highlights the rift that can exist in the Canadian political sphere, but also outside of it.
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