Every nation has its own view on cryptocurrency, although for some, that view is a little more focused than for others. Bangladesh, Vietnam and Ecuador are among the countries where cryptocurrency is still completely illegal, the US is struggling to decide how it should be treated, categorized and taxed, while Switzerland and Japan are embracing the new type of money with open arms.
Canada, however, is a special case. A crypto-friendly regulatory framework, excellent infrastructure, connectivity and internet speeds, superior energy costs and a spirit of innovation and adventure have combined to make Canada a global hub for cryptocurrency and blockchain innovation, especially when it comes to Ethereum.
The natural home of Ethereum
Of course, the fact that Ethereum’s founder, the charismatic Vitalik Buterin, is based in Toronto makes it natural that Canada is the place where the most important steps in blockchain development are taking place. However, there is more behind Canada’s rise to prominence than it being home to one particular man.
The scripting technology that Ethereum uses has taken Blockchain development in whole new directions, and developers are using it to create a vast range of decentralized applications that can be used across multiple industries. Essentially, wherever traceability and reliability of transaction records is paramount, this is becoming the technology of choice. It takes no leap of the imagination to envisage the number developers working on cutting edge projects in this area – and most of them are based in Canada.
The Blockchain Research Institute (BRI) is a Toronto-based cooperative that encompasses more than 70 different projects looking at the present and future applications of blockchain across multiple industries and sectors. The BRI has, in turn, worked in close cooperation with Canada’s Information and Communication Technology Council (ICTC) and the Bank of Canada to explore ways of developing a blockchain ecosystem that will be nationwide – they have also studied the possibility of developing a national cryptocurrency.
The implications for Canadians
Cutting-edge technological innovation in Canada’s very own reinvention of Silicon Valley is great, but it can seem a world away from everyday life. However, cryptocurrencies are affecting us all in a growing number of ways. Canada’s growing band of amateur investors are increasingly looking to cryptocurrencies to bolster their investment portfolios, and the ability to do so via online brokers makes the process simple, efficient and transparent.
Meanwhile, Canada is highly progressive when it comes to using cryptocurrency as a way to make regular transactions and purchases. As long ago as 2014, Ottawa unveiled its first Bitcoin ATM, and in the years since, the number of vendors who accept cryptocurrency as payment has steadily increased.
The new mining community
Finally, anyone who thought mining was on the way out could be in for a surprise. Cryptomining needs nothing but processing power and electricity – and these are commodities that Canada has in plentiful supply. Quebec, in particular, has surplus supplies thanks to its hydro electric infrastructure, which is attracting mining operations from across the globe.
Canada has the infrastructure, the know-how and the imagination to take full advantage of the cryptocurrency era. There could be very interesting years ahead.
Photo: PIRO from Pixabay