Canada Would Become the Crypto Power House with This Newly Introduced Crypto Bill

A Canadian Member of Parliament has proposed a bill that would enhance growth in the cryptocurrency industry. As a report has it, the bill passed its first reading this week.

Canada Progressing in Crypto Adoption

Michelle Rempel Garner, a member of the Canadian House of Commons, proposed Bill C-249, to encourage the growth of the crypto industry in Canada.

The bill reads in part as follows:

“This enactment requires the Minister of Finance to develop a national framework to encourage the growth of the crypto asset sector and, in developing the framework, to consult with persons working in the sector who are designated by provinces and territories. The enactment also provides for reporting requirements in relation to the framework.”

Michelle Rempel Garner, who introduced the crypto bill, was a student of economics and has been a member of the House for more than ten years.

Miss Garner took to Twitter at the end of last year to ask for suggestions on what the government could do to enhance the growth of the crypto industry.

For Canada to be well-positioned in the crypto industry, she believes that the counsel of industry leaders will go a long way.

How Crypto Community Is Reacting To the Notable Move

The policy is widely seen as a notable move to further push for crypto adoption in Canada. Hut8, one of the largest crypto miners on the continent, is excited about the move.

Jaime Leverton, CEO of Hut8 believes that the crypto industry will thrive in Canada will such a significant policy.

Jaime Leverton noted:

“Decision makers are increasingly aware of the incredible opportunities for growth and job creation within our sector and recognize the value in working with industry leaders to make Canada the destination for 21st-century innovators.”

Russia Moves to Recognize Crypto Assets as a Form of Currency

Russia is also planning to use regulation to establish the crypto industry in the country, rather than enacting a blanket ban.

It all started sometime in late January 2022, after the Central Bank of Russia published a proposal for an outright ban of crypto-related activities in the country. The country’s Ministry of Finance and other highly respected personalities in the country kicked against the proposal.

The issue was swiftly revolved after President Vladimir Putin’s intervention. Authorities in Russia are now set to recognize crypto assets as a form of money.

According to the report, the government and the Bank of Russia have reached a consensus on how to regulate crypto space in the country.

The report says, “The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia: before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognized as an analogue of currencies, and not digital financial assets…”

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