Canadian Senate Says No to Regulating Digital Currencies


The Canadian Senate’s Banking, Trade and Commerce (BTC) committee released its final report Friday asking the federal government to use a “light touch” in dealing with digital currencies.

“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.”

This is cause for relief among the country’s Bitcoin community and makes Canada one of the world’s most forward-looking countries in encouraging innovation in new financial technologies.

The Bitcoin Community Reacts

Senators praised the many witnesses from the Bitcoin community who came forward to testify calling them “passionate and optimistic.”

Witness Victoria van Eyk, now head of community outreach for ChangeTip, was not surprised at the report’s recommendations.

“The senators we talked to were very wary of more regulations and expressed concern about the effect of regulations on stifling innovation,” said van Eyk.

“The committee made it clear to us that they wanted nothing to stand in the way of Canada becoming a world leader in developing new financial technologies.”


Read more ... source: TheBitcoinNews