Follow by Email
Facebook
Twitter
Telegram

How Cryptocurrency Boosts Canada’s Market 

Canada’s economy concept with canadian flag and money dollar currency golden symbol.

Canada has approved unlimited trading with three cryptocurrency projects, including Litecoin (LTC). As LTC surged, its value surpassed the $100 mark and is predicted to increase.

This decision by the Canadian government in support of the blockchain industry helps boost their market. And with the halving event coming, LTC value is up to $140.  

According to a House of Commons committee, the considerable job it creates and economic opportunities in Canada are long-term. However, it requires much effort for the government to grasp the potential of this endeavor and lower the risks of this new technology. 

Canadian Government’s Push for Cryptocurrency

The Committee on Industry and Technology in the House of Commons has put forward 16 recommendations for the federal government regarding blockchain. Blockchain’s potential in sectors like healthcare, entertainment, agriculture, and financial services are the topics in the committee hearings.  

The government recognizes the blockchain’s presence, establishing a strategy to create a place where entrepreneurs can roam freely and try new technologies. Additionally, they also investigated the possibility of using the blockchain in voting and supply chains. 

Massive Economic Potential 

As a new technology, blockchain has significant potential as a convenient avenue for financing, trade, and other applications. However, they need policies to explore their full potential.

Many businesses that leverage blockchain technology have invested in various infrastructures. These include data mining, and partnering with these individuals is essential for the country to use cryptocurrency and its benefits. 

Though many support the committee’s recommendations, experts fear Canada needs more partners for blockchain policies. Partners in blockchain strategies provide the government with a clear direction to improve the guidelines that Canada needs to have. 

Obstacles to Cryptocurrency Progress

The recent collapse of FTX and the 75 million dollars fraud loss reported by the Canadian Anti-Fraud Centre are roadblocks in the development of the blockchain industry in Canada. These issues of fraud and an unstable market are reasons why the government needs to focus on policies to avoid scams. 

In contrast, consumers need to study the market to prevent poor decision-making. Establishing public awareness and developing regulations to protect people’s privacy is part of the recommendations in the report. 

Conclusion 

Canada’s effort to embrace innovations like crypto financing is a leap forward into the future in the country and the industry. However, there are some hindrances to progress from the unstable nature of crypto and fraud cases, with the country and its people working hand-in-hand. 

Many crypto coins are in the market, but only a few have a secure financial base, like the ETHi token. ETHi is based on rent-to-own US real estate, which makes its value more stable than other unregulated coins. For more information on how to invest, visit our site today. 

Related articles

AI Chatbots in the Crypto Industry: A Blessing or Curse?

News about ChatGPT and AI chatbots, in general, are nearly everywhere in social media and major news outlets. But what does it mean for the crypto market and investors?     What is an AI Chatbot Simply put, an AI chatbot is a software that can understand inquiries and provide adequate responses using a combination of […]

Learn More

Add More Cash to Your Wallet with These Crypto Earning Options

Just like the wild west, the blockchain has slowly matured into a thriving economic ecosystem. Earning via crypto is not just a fad, but a viable means of financial growth.   Here are some ways you can earn through the power of cryptocurrency.   Crypto Trading  Crypto trading is one of the most popular and profitable ways […]

Learn More

Attempted Hack

As we grow and conquer challenges, we become a target for Hackers.  To me, this is a sign that we are becoming significant. Earlier this week we identified an attempt to hack the project, so we have taken steps to ensure your tokens are safe.  We have temporarily delayed listing on our first public exchange […]

Learn More