The committee of the lower house is for recognition of the blockchain in Canada, but warns as caution: more regulatory clarity and national strategy required

The committee of the lower house is for recognition of the blockchain in Canada, but warns as caution: more regulatory clarity and national strategy required

A committee of the Canadian lower house has highlighted the great possibilities of blockchain technology for the Canadian economy and employment in a report. However, experts point out that the government of Ottawa still has a lot of work to use the full potential of this technology and to minimize the associated risks.

The report recommends recognizing the role of blockchain in Canada and, based on this, 15 further recommendations are made. It is emphasized that clearer regulation is necessary and that the government should develop a national strategy together with representatives of the industry. The regulation of stablecoins in particular was discussed in the report. Even the witnesses of the committee could not agree on whether stable coins are to be regarded as securities or not.

The effects of blockchain technology on the Canadian economy could be immense. The implementation of blockchain could make processes more efficient, more transparent and secure. This could lead to new business opportunities and an increase in productivity. For example, companies could track and monitor their supply chains using blockchain technology, which enables higher quality assurance.

Another area that could benefit from the blockchain is the financial sector. By using blockchain, transactions could be handled faster, cheaper and safer. This has the potential to revolutionize payment transactions and make financial services more efficient for consumers and companies.

Despite the enormous potential of blockchain technology, there are also challenges and risks that have to be taken into account. It is important that the government introduces adequate regulation to prevent the abuse of blockchain. The security and protection of personal data must also be guaranteed.

In this context, the cooperation between the government and the blockchain industry plays a crucial role. By exchanging knowledge and experiences, existing challenges can be mastered and innovative solutions can be developed.

The Canadian government has already taken steps to use the potential of blockchain. In 2020, the government started the blockchain test network "Pan-Canadian Trust Anchor" to research various applications. This initiative shows the government's commitment to use blockchain as a driving force for the economic development of the country.

It remains to be seen how the Canadian government will react to the recommendations of the committee. However, it is clear that the use of blockchain offers a great opportunity for Canada to boost the economy and create jobs. Through careful and appropriate regulation, Canada can become a global pioneer in blockchain technology.

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