The United States’ northern neighbor has done a lot of things right over the last year and a half of the pandemic.
While the US government floundered in its efforts to provide financial assistance to millions of jobless Americans or enforce social distancing and stay-at-home orders, Canada shut down its borders early in 2020, strictly enforced quarantine rules, and gave out robust government subsidies that prevented a more severe economic downturn.
And now Canada is embracing cryptocurrencies at a much faster pace than most of the developed world.
While the debate continues to rage about whether cryptocurrencies are actually a smart investment, it has become clear even to the largest financial institutions in the world that crypto isn’t a fad, but is here to stay.
And Canada has already shown in 2021 that it’s willing to change its regulatory framework to allow crypto to flourish along with traditional investing.
“Canada has been remarkably advanced with its sanctioning of Bitcoin (BTC) and Ether (ETH) exchange-traded funds in 2021, allowing more mainstream investors the opportunity to have digital asset exposure through their investment accounts, including tax-advantaged registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs),” wrote Coin Telegraph.
Canada “also surpassed the United States” when its financial leaders chose to allow digital asset exchange-traded funds (ETFs), according to Coin Telegraph.
That decision shows Canada’s leaders want to be competitive in the cryptocurrency sector.
When China announced a regulatory crackdown on cryptocurrencies, it was a major setback for many companies. But Khurram Shroff, chairman of IBC Group, an investment company that will end its Ether and Bitcoin mining operations in China, said the change was actually good news for Canada.
“A shift of crypto mining operations out of China will be a huge opportunity for Canada,” said Shroff, who is also the iMining CEO. “The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”
IBC Group recently relocated its headquarters from Dubai to Toronto.
Sheldon Inwentash, the CEO of ThreeD Capital Inc., also based in Toronto, has invested heavily in blockchain, cryptocurrencies, and other disruptive technologies.
In an interview with Agoracom, Sheldon Inwentash said that Canada is in a great position to take advantage of the rapid transformation of technology, especially in the finance sector.
“We are in a major secular transformation in technology,” Inwentash said. “Our view is absolutely rock-solid. As much capital as we have to invest, we’re going to be pedal to the metal, and we’re extremely positive in the longer-run.”
In a Crypto News article, Inwentash said Toronto is already a global leader in the blockchain space, though much of the world hasn’t yet figured that out.
“The only thing that’s missing is capital, but there’s a lot of that in Toronto, as well, so there are opportunities everywhere,” Inwentash said.
Fintech companies can be built anywhere in the world, and so finance is becoming less and less tied to specific countries. Canada’s quick response to the reality of a globalizing financial sector means it will likely stay ahead in the race to innovation.
“Familiarizing the Canadian market with digital asset trading with the introduction of more crypto-asset trading platforms is a solid first step,” Coin Telegraph wrote.
DISCLAIMER: This article was written by a third-party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
Cosmos Price Forecast After ATOM Shoots Into Top 20
Cosmos price is recovering due to the general demand for altcoins. In fact, a closer look at CoinMarketCap shows that...
Post-COVID-19, Business Risk Assessments Look Different for Investors
When conducting a business risk assessment, investors dig deeply into a company’s inner workings to predict whether it will be...
Encomenda Invests €200,000 to Launch Telemedicine Startup Doctomatic
The fund led by Carlos Blanco and Oriol Juncosa has helped launch this new digital platform, called Doctomatic, for remote...
Burkina Faso: The European Investment Bank Strengthens its Partnership with CAPE
According to the Director-General of CAPE Burkina, the support of the EIB is one of the major factors that has...
The First Four Projects of the Civic Crowdfunding of Venice Were Launched
The first four civic crowdfunding projects in Venice were launched. The project "ONDEW - Let's face climate change together", is...
Cannabis2 weeks ago
Are Cannabis Social Clubs in Barcelona on the Verge of Closure
Africa2 weeks ago
Energy Efficiency: the Moroccan Ministry of Housing Gets up to Standards
Featured2 weeks ago
Should You be Looking for Reasons to Sell the Stock Market
Crypto2 weeks ago
Coinbase Pro Accidentally Relists the Troubled XRP