Canada Pushes for Crypto Regulation

The central bank in Canada has been working with partners around the world to explore the potential for blockchain in the future. Ernst & Young plans to test a public government expenditure blockchain in Toronto.

Mainstream adoption and use of crypto has been growing in Canada steadily since 2013. At that point, Canada started pushing for it more. The country was one of the first to open a Bitcoin ATM, which happened in 2013 in Vancouver. ATM use is a strong attraction for introducing new people to crypto. There are at least 715 of these machines in the country with over 225 in Toronto alone.

Canada and the US have paid strong attention to scams involving cryptocurrency with more than 77 actions being taken against crypto. The mayor of Vancouver suggested a total ban on these ATMs because of the risk of money laundering. Money laundering claims have risen dramatically within the country.

On the positive side, employment in the blockchain industry in Canada offers high-paying salaries of almost $100,000 annually. Canada recognizes both value and risk for cryptocurrency in the country. Lack of regulation could hamper growth.