Landmark Report: Canadian Lawmakers Advocate for Comprehensive Blockchain Strategy
Canadian lawmakers' recent report has recognized blockchain, crypto, and mining as innovative industries with "significant, long-term" potential, in need of better regulation.
In September last year, the Canadian House of Commons Parliamentary Standing Committee on Industry and Technology (INDU) passed a motion to recognize that blockchain is an emerging technology with "vast potential to bring about innovation and efficiency gains in different industries."
That said, there was a need for better regulation, they argued, which could result in more investments and drive innovation across the Canadian economy.
Therefore, the INDU completed a comprehensive study that examined blockchain and crypto use cases in the country, holding five meetings, hearing 31 witnesses, and receiving six briefs.
The lawmakers have subsequently released 16 recommendations, namely that the Canadian government:
Coinbase commented on the report on Wednesday, describing the recommendations as "landmark" and "promising," adding:
"We are pleased to see that the committee recognizes the benefits, utility, and value of blockchain technology."
Per the exchange, the approach of the parliamentary committee is "forward-thinking," with the government willing to collaborate with the crypto/blockchain industry "on several fronts."
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