Members of Canada’s House of Commons expressed support for blockchain technology and cryptocurrencies in a report released by the Standing Committee on Industry and Technology (INDU).
The report states that, include 16 individual proposals highlight the benefits and potential of blockchain technology in various fields. Based on INDU’s deliberations, the committee made recommendations which were included in a report for consideration by the House of Commons and the government.
The report recommends that the Canadian government should recognize blockchain as an emerging industry with significant long-term economic and job creation opportunities. It recommends prioritizing the protection of individuals’ right to self-custodial and promoting safe and secure access to digital assets.
Just as the country pushes to adopt cryptocurrency regulations, INDU recommends that the government develop a national blockchain strategy involving experts, entrepreneurs, academics, investors and the artificial intelligence (AI) industry. The report recommends that the strategy should establish a platform for information exchange and monitoring, analyze promising areas of disruption, advise the government on promising initiatives, and support government implementation.
The report also recommends that the government seek international cooperation in developing blockchain regulations and policies, develop innovative pilot projects using distributed ledgers, take a unique regulatory approach to stablecoins, promote the establishment of federally regulated cryptocurrency custodians, and Provides banking and insurance services to the public. Blockchain company.
The report states that public awareness campaigns should be conducted to educate the public about the risks associated with cryptocurrencies and the benefits of entering the cryptocurrency market through regulated Canadian entities.
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In order to ensure that blockchain technology becomes mainstream, the committee encourages the government to study how to promote the adoption of blockchain technology in supply chains, and to study the benefits of the technology for electronic voting, deliberation and the modernization of democratic institutions.
Recently, the Canadian Ministry of Finance suggested Legislative changes to the Excise Act relating to crypto asset mining and remuneration. The INDU proposal proposes a fair inquiry into the application of the Excise Tax Act to mining activities among the provinces and claims that digital asset mining constitutes a competitive industry.
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