New Canadian crypto bill to increase adoption of crypto

New Canadian crypto bill to increase adoption of crypto 2

A Member of the Canadian House proposed a new cryptocurrency bill to bring more adaptive rules and regulations to power up the crypto industry. 

Amid the increasing interest and demand of the people in the crypto industry, many lawmakers are weighing this industry closely to figure out the associated risks and benefits that the world can get in reality. 

Michelle Rempel Garner, a Canadian House of Commons member, proposed a new crypto bill dubbed as C-249. The new bill aimed to encourage the adoption of the crypto industry in Canada under favorable laws and rules. 

Under the proposed bill, many members of the Canadian parliament House will be required to work on the creation of a new framework in a collaborative approach with the crypto industry players. 

“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.”

In the last, Garner was a student of economics and also has spent decade as a member of the House. In the ending days of 2021, Garner took to Twitter to get suggestions on what the crypto industry wants to see in favor of the crypto market. 

Garner believes that crypto adoption is beneficial but it is much better to adopt this industry if legislation can be made under the collaboration of the crypto players because such efforts will push the evolution of the crypto industry. 

The majority of the crypto proponents shared their positive response to this proposed bill of Garner.  Jaime Leverton, CEO of Hut8, shared her happiness and hope with such efforts by Garner. She noted that such Legislation will give better opportunities in terms of employment. 

“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.”

Read also: Ripple Exec says ODL Can Be Used as a Neutral Bridge Between CBDCs payments