Canadian government: Give Bitcoin a free market environment for development

Some countries in the world have taken measures to regulate the Bitcoin market, while some governments have announced a closed attitude towards electronic currencies. The Canadian Senate voted against Bitcoin regulation. The Canadian Senate Banking, Trade and Commerce (BTC) Committee released its findings last Friday and asked the federal government to use a "low-intervention" approach to electronic currencies.

The report shows that the government is well aware that the Bitcoin market is still a new and developing industry, so they are willing to see an environment that is suitable for its development, rather than an environment that inhibits innovation. The report said: "We have heard and we agree that the blockchain industry is still in a very delicate stage in terms of development and use. This is also a deterrent. We will urge the government to explore the broad potential of this technology. Because if you are too cautious, you may miss the potential of this technology and inhibit its development.

Bitcoin Regulation in Canada

Canada is one of the most open countries when it comes to the development of Bitcoin and other electronic currencies. There are many Bitcoin startups in the country, and even students are encouraged to learn more about virtual currencies. Bitcoin ATMs have been set up in some of its major cities.

Bitcoin supporters and startup owners are pleased to see the developments today, praising the Canadian government for providing a platform for financial technology innovation.

Victoria van Eyk of Changetip said: “The government officials we spoke to were very cautious about regulating bitcoin and were concerned about whether it would affect the development of innovation in the industry. The commission made it clear to us that they did not want to hinder Canada’s ability to become a world leader in the development of new financial technologies.”

“This will go down as a defining moment in the history of bitcoin in Canada,” said Kyle Kemper, executive director of the Bitcoin Canada Alliance.