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Canadian Lawmakers Endorse Blockchain with Significant Recommendations

The Canadian House of Commons supports blockchain technology, viewing it as a key driver for economic opportunities. It has proposed a national strategy and innovative regulatory approach for stablecoins.

Canadian Lawmakers Endorse Blockchain

The Canadian House of Commons Parliamentary Standing Committee on Industry and Technology has released a comprehensive report acknowledging blockchain as an emerging industry with substantial long-term economic opportunities. It emphasizes the importance of consumer protection and regulatory clarity and proposes an innovative regulatory approach for stablecoins.

As a company aiming to upgrade the global financial system to enhance economic freedom and opportunity, we welcome the promising recommendations within this report. As part of our international expansion strategy, we are proud to highlight exciting developments in Canada.

The committee calls on the Canadian government to recognize blockchain as an emerging industry with significant long-term economic and job creation opportunities. By embracing this technology, Canada could position itself as a global leader, attracting investments and fostering innovation, ultimately driving economic growth and creating jobs.

The committee also stressed the importance of improving consumer protection and regulatory clarity in the digital assets sector. It is believe that crypto and blockchain technology can enhance economic freedom and opportunity worldwide.

The Canadian government, in consultation with provinces and stakeholders, is advised to establish a national blockchain strategy. This strategy would foster innovation, support industry growth, ensure regulatory coherence nationwide, and demonstrate the federal government's crucial role in this emerging industry.

The committee also suggests that Canada adopts a distinct regulatory approach for stablecoins, a type of cryptocurrency pegged to a stable asset like fiat currency. These recommendations aim to create a thoughtful and forward-looking regulatory framework for the crypto and blockchain industry in Canada.