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.
The Metaverse Is the Way of the Future, and Facebook Just Confirmed It
The metaverse is a fast-emerging reality billed to become the place where we will all live and work in the...
The Spanish Health Tech Sector is Advancing at a Fast Pace
Although the major poles of innovation in digital health are mainly in the major world powers such as the United...
Why Were Cotton Futures Lower for the Week
Cotton futures were lower last week on demand concerns as ideas of strong demand continue. The weekly export sales report...
Fed: Murderer of Markets and the Middle Class
To this point, Total non-financial debt has skyrocketed from $54.3 trillion, at the start of the pandemic, to $62 trillion...
Bitcoin News: El Salvador Residents Protest Against Bitcoin
Already after the announcement to introduce Bitcoin as a means of payment, the first opinion polls in the country showed...
Featured7 days ago
Valsabbina Bank Invests in BorsadelCredito, Fintech Platform Leader in P2P Lending to SMEs
Cannabis5 days ago
First Legal Cannabis Crop Harvested in Ecuador
Featured6 days ago
Mining Companies with High ESG Ratings Outperform the Market in Financial Performance
Business5 days ago
Is Peer to Peer Lending Safe for Investments?