Some of Canada’s most prominent financial juggernauts have continued to invest in crypto and blockchain. This is a sign that institutions will continue to adopt cryptocurrency and blockchain. This province in western Canada, with its rich entrepreneurial heritage, is now seeking to play a key role in the digital asset market.
To Becoming a Crypto Hub?
According to the most recent report, Alberta is setting high goals as authorities seek to position it as a North American hub to offer services and trades in the digital asset sector. In a recent interview, Jobs Minister Doug Schweitzer said,
It’s still in its infancy here in Alberta. However, I believe that Alberta has the potential to be a leader in Canada by providing a place for venture companies.
Vice-president at Brane Inc. Emile Scheffel noted that Alberta is “close enough to unique” in attracting financial technology companies.
This news comes just one month after Alberta’s United Conservative Party government announced plans to introduce legislation to “promote innovation” in the financial sector, allowing companies to explore new opportunities and products.
The principal goal of the project is to make Canada’s largest oil-producing region a “modern electricity powerhouse” as well as attract investment in emerging technology like cryptocurrencies.
Canada’s Crypto Industry
The mainstream acceptance of cryptocurrencies is rapidly increasing in Canada’s financial system. The country’s regulators have been proactive in their approach to facilitating this increase in adoption. They have been able to modify the laws to allow crypto and web3.
After the exodus from China, many Bitcoin miners moved to Alberta. Because of the abundance of natural resources and associated infrastructure, many of them found homes there. It has also accommodated a significant number of cryptocurrency-related companies that provide different services, from custody solutions to mining chip manufacturing.
After adding Bitcoin and Ethereum last month to its corporate balance sheet, KPMG’s Canadian subsidiary made its first cryptocurrency investments.
Canada was also investigating CBDC. CryptoPotato reported that Canada’s central bank teamed with the Massachusetts Institute of Technology to conduct a 12-month research project on central banks digital currency.
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Marla Brooks – Financial Analysis
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