The government of Canada has released a 2022 fall Economic Statement about its intention for cryptocurrencies, stablecoins, and central bank digital currencies (CBDC) in the country.
As per the document which details the government’s fiscal roadmap for the coming months, cryptocurrencies are transforming the financial systems both in Canada and the world over as such Canada’s regulatory framework has to keep pace with global regulations.
Therefore, beginning this week, the government will consult with stakeholders in the crypto industry. The consultation forum will cover legislative review, financial stability, security, and other digitalization.
The statement also laid emphasis on the challenges the digitalization of money poses to institutions worldwide. Furthermore, the government of Canada intends to help curtail these challenges by launching financial sector legislation. The legislative review will focus on maintaining a stable and secure financial sector as well as the digitalization of money.
Also, the Federal Government intends to introduce a corporate-level 2% tax. The tax will apply to the net value of all shares bought by public organizations in the country.
Canada and the Cryptosphere
According to a survey by the Bank of Canada reported by TheCoinRise, over 90% of Canadians are currently aware of the existence of Bitcoin.
To further buttress this data, Grant Vingoe CEO of the Ontario Securities Commission (OSC) during a keynote address before the Economic Club of Canada said that over 30% of Canadian residents have indicated interest to acquire crypto assets in 2024.
To this end, there is a need for clear regulations to build trust and adoption of cryptocurrency. And as such the Bank of Canada has indicated its support for clear crypto regulations in the region. The regulator has also partnered with MIT for the development of its Central Bank Digital Currency.
Meanwhile, Pierre Poilievre, a crypto advocate recently won the leadership election of the Conservative Party in Canada. His victory portends the advancement of the crypto sector in Canada he has promised to make the country “the Blockchain capital of the world”.