The paper, which comprises of 16 distinct recommendations, emphasizes the benefits and possibilities of blockchain technology in a number of industries.
In a report issued by the Standing Committee on Industry and Technology (INDU), members of the House of Commons of Canada endorsed blockchain technology and cryptocurrencies.
The paper includes 16 recommendations that illustrate the benefits and possibilities of blockchain technology in a number of industries. The committee submitted these suggestions for the government’s review.
The paper advises taking blockchain seriously as a developing sector with tremendous potential for job and economic growth. It highlights how crucial it is to safeguard people’s right to self-custody and make sure that they have safe access to their digital assets.
The INDU suggests creating a national blockchain strategy with the participation of professionals, businesspeople, academics, investors, and the artificial intelligence (AI) sector. Information interchange, development monitoring, disruption identification, advice to the government, and implementation help are all made possible by this technique.
The report makes several recommendations, including pursuing international collaboration in the creation of blockchain laws and regulations, carrying out cutting-edge distributed ledger pilot projects, adopting a special regulatory strategy for stablecoins, encouraging federally regulated cryptocurrency custodians, and offering banking and insurance services to blockchain businesses.
To inform the public about the hazards connected with cryptocurrencies and the advantages of cooperating with regulated Canadian organizations in cryptocurrency marketplaces, a public awareness campaign is advised.
The committee supports looking into ways to boost blockchain technology use in supply chains and exploring its advantages for electronic voting, consultation, and modernizing democratic institutions in an effort to make the technology more widely used.
The report makes mention to planned legislation amendments by the Canadian Department of Finance concerning crypto asset mining and compensation. The INDU proposal recommends looking at how equally the Excise Tax Act should be applied throughout provinces and recognizing the mining of digital assets as a competitive business.