Digital Currency: You Can’t Flip This Coin

DC FlipFor the last year, under the leadership of our Chair Senator Irving Gerstein, the Senate Banking Committee has been working on our study on digital currencies. This morning our committee released this report at a press conference at the National Press Theatre.

When our committee started this study we knew very little about digital currency. But after beginning our hearings it became clear that the innovation at the core of digital currencies, like Bitcoin, has the potential to change the face of our economy in the same way the development of the internet has.

I’ve long believed that the future of Canada’s economy is ensuring that innovation is the cornerstone of industrial and social development. It is through this lens that I viewed digital currencies and their associated technologies.

Our committee’s recommendations reflect this attitude by calling for the federal government to ensure a “light touch” when regulating digital currencies so that we can minimize actions that might stifle the growth of their underlying technologies. But we didn’t stop there, we heard from witnesses that there may be unlimited potential for the ways that digital currencies and blockchain technology may be used.

It is for that reason that our committee has asked the federal government to look at ways to improve service delivery by utilizing blockchain technology.

I believe our committee has found the appropriate balance for the digital currency sector to support innovation – by minimizing regulation and maximizing opportunity. This approach is the foundation upon which we can build all sectors of our economy and ensure Canada’s future prosperity.

The report in its entirety can be read here.