Members of Parliament in Canada call for harnessing blockchain and digital currencies potential

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Parliamentary members of the Canadian House of Commons believe that following an extensive review of the digital asset sector, the Canadian government should embrace the opportunities presented by blockchain technology and digital currencies.

According to the report by the Committee for Industry and Technology, the evidence gathered strongly suggests that blockchain technology is reshaping the digital environment in Canada.

The committee further advises that the government should acknowledge blockchain as a burgeoning industry that could provide substantial economic and employment prospects in the long run.

While the lawmakers acknowledge the potential risks and challenges related to digital assets, such as fluctuating cryptocurrency values and their use in illicit activities, they uphold the consumer's right to utilize these technologies.

The parliamentarians suggest that after dialogues with interested parties, the government could modify its regulatory framework by presenting a nationwide strategy for blockchain.