Canadians: Share your cryptocurrency opinion with the Canadian government

Many Canadians may not know that they have an opportunity to share their opinions about regulations and the development of cryptocurrencies in Canada.

As a part of the 2022 Fall Economic Statement, it’s written:

Addressing the Digitalization of Money

The rise in cryptocurrencies and the digitalization of money are transforming financial systems in Canada and around the world. Canada’s framework for the regulation of our financial system needs to keep pace. At the same time, the digitalization of money poses a challenge to democratic institutions around the world. In the last several months, digital assets and cryptocurrencies have been used to avoid global sanctions and fund illegal activities, both in Canada and around the world. In order to help address these challenges in Canada, Budget 2022 announced the government’s intention to launch a financial sector legislative review focused on the digitalization of money and maintaining financial sector stability and security.

Consultations with stakeholders on digital currencies, including cryptocurrencies, stablecoins, and central bank digital currencies, are being launched on November 3, 2022.

Concurrently, Department of Finance Canada says:

Addressing the digitalization of money to maintain financial sector stability and security in the face of digital assets and cryptocurrencies being used to avoid global sanctions and fund illegal activities. The Department of Finance is launching targeted consultations with stakeholders on digital currencies, including cryptocurrencies, stablecoins, and central bank digital currencies. Canadians can also send their comments to [email protected]. This will help inform future policy development, as well as further and broader public consultations on this matter.

If you have opinions about how digital currencies (and related technologies) should exist in Canada, now is the time to share your opinion!

While the focus of the government appears to be on (a) sanction evasion, and (b) funding illegal activities this is a great time to describe all the benefits of blockchain technology, digital currencies, and related technological development. For example, it’s harder to launder money on the blockchain relative to fiat as transactions are recorded on the blockchain - as opposed to no record of some individual paying for illegal items with fiat.

Take this time, if you have time, to email them and share your ideas.

Edit: they will make a decision on cryptos and related technology regardless, this gives you an opportunity to have your voice heard