Canada, contrary to what some people may believe, is no newbie to cryptocurrency. In fact, some of the most significant milestones in cryptocurrency occurred in the land of maple syrup. Here are some of them:
· Waterloo was the birthplace of Ethereum
· Crypto Kitties – the most used dApp of Ethereum – was developed in Vancouver
· Many of the first networks of crypto and ATMs were made in Canada
· The ICO concept was crafted in Toronto
· A German bank and ATB Financial executed the first crypto transfer via Ripple between banks
With just a glance at these momentous crypto achievements, it is no surprise that cryptocurrency continues to make strides in Canada. One of the next steps in the crypto journey for Canadians is to spread its use. The best way of doing this is by making it more accessible and this means broadening ways that people can make payments with digital currencies.
So much so that it can be argued that it is only a matter of time when traditional brands like Royal Vegas Casino members will be able to make crypto transactions. Which is not too far off considering some Canadians can already pay their property taxes with Bitcoin. Read on for more.
Canada’s Government Deserves Credit
The credit for cryptocurrency development in Canada and the impending expansion of payment avenues with digital currencies could be directed in many directions. Developers, innovators, business owners and entrepreneurs are all in the queue. Yet, the Canadian Government also deserves to take credit.
Their financial compliance agency has been at the forefront of encouraging discussions with regulators, banks, policymakers and even miners themselves. Together, FINTRAC were able to publish cryptocurrency regulations that went on to receive feedback and be amended based on industry input. It is this willingness to have a discussion and accept monetary changes which have allowed Canada to continue to flourish with cryptocurrency. Thus, allowing the country to prepare for more businesses to use cryptocurrency and not be afraid of it.
A Working Example
Some Canadian residents in Ontario are now able to take advantage of the growing payment methods in cryptocurrency. Specifically, those that live in Innisfil can now pay their property taxes using Bitcoin. This is something that has been tried and tested in some areas of the US with great success. The process is handled by Coinberry who will transfer the residents’ Bitcoins into Canadian dollars before sending them to the local authority. This means that homeowners receive another convenient payment option while the town authority does not lose out to the potential of a volatile Bitcoin market.
A Sign of Things to Come
This is just a glimpse into the future for Canada and cryptocurrency payments. As more businesses and public services start to accept cryptocurrency payments, this is predicted to go hand in hand with an increased interest in digital currencies and the growth of its use within Canadian borders. Canada once again flexes its muscle in the crypto industry, proving just how innovative and committed they are to being ahead of the game.