On
Between
Recommendations
This extensive collaboration culminated in 16 insightful recommendations outlined in the report, seeking a proactive response from the federal government. As emphasized by
A sense of genuine commitment towards blockchain development in
National blockchain strategy
However, resting on current laurels is not an option. Notably, the Committee advocates for a national blockchain strategy, emphasizing the importance of providing a coherent policy framework for future growth. This is particularly critical given the sector's nascent stage.
The report details that to create this national strategy, the government should convene a team of field experts. These experts will not only provide advisory support but also undertake rigorous analyses to identify promising and high-risk areas within the industry. They will further facilitate an information exchange and monitoring platform.
The report's recommendations illuminate the Committee's nuanced understanding of the sector. Particularly, recommendation 8 highlights the need for a distinct regulatory approach towards stablecoins, acknowledging their unique challenges compared to other cryptocurrencies. This indicates that
To nurture innovation, the Committee recommends establishing a "sandbox" environment where entrepreneurs can test new technologies without regulatory impediments. Simultaneously, the Committee suggests launching a strategic initiative aimed at skill development, talent support and promoting research in this domain.
Risks
Despite the enthusiasm for technological advancement, the Committee doesn't overlook the potential risks to Canadians entering the cryptocurrency markets without adequate knowledge. Recommendation 11 hence proposes a public awareness campaign to educate citizens about the risks and benefits of engaging with regulated Canadian cryptocurrency entities.
Interestingly, the Committee advocates governmental adoption of blockchain technology to enhance supply chain efficiency and modernize democratic institutions (e.g., electronic voting, consultations). These recommendations, if implemented, could provide an unprecedented boost to blockchain technology and firmly position
Looking forward
In essence, this report manifests
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