While most governments have been taking steps to regulate the bitcoin industry and others declaring a completely close-minded stance against digital currencies, Canada’s Senate decided to vote against bitcoin regulation. The Canadian Senate’s Banking, Trade and Commerce (BTC) committee released its findings last Friday and asked the federal government to use a “light touch” in dealing with digital currencies.
The report indicated that legislators have acknowledged that the bitcoin industry is still young and developing so they’d like to see a more nurturing environment instead of one that discourages innovation. “We’ve heard, and we agree, that blockchain technology is at a delicate stage in its development and use,” the report reads. “This is why we urge the government to explore the vast potential of this technology, while treading carefully when contemplating regulations that may restrict and stifle its use and development.”
Bitcoin Regulation in Canada
Canada is one of the more open-minded countries when it comes to bitcoin developments and other digital currencies. There are several bitcoin startups based in the country and even students are encouraged to ramp up their understanding of the cryptocurrency. Several bitcoin ATMs