Canada embraces the blockchain with its fearless spirit, and has become the current blockchain "exploration" in the global field. Whether it is the application of the blockchain or the issuance and transaction of digital currency, Canada is compared with other countries. All are more cutting-edge and open.
The temptation that “blockchain can change the world†brings to Canada is far stronger than cryptocurrency. If he talks about the encryption economy with this highly developed country, he will only sneer; but if he talks about the blockchain, he will be like a confidant.
At the beginning of the last century, the colonists injected fresh blood into an ancient land, allowing numerous civilizations to crisscross, thus giving birth to a highly developed capitalist country—Canada, the country of maple leaves. At the same time, the pioneering spirit of the predators has also been passed on, allowing this country to take the lead in every world scientific and technological revolution.
Although it does not have the American technology-first mind and the British indomitable spirit, Canada has become one of the countries with the highest living standards, the most prosperous society and the most economically developed countries in the world relying on abundant natural resources and highly developed technology. Its characteristics of stability and stability have made it the current blockchain "exploration" in the global field.
The speed of the application of blockchain is "rapidly"
I have to admit that the temptation brought to Canada by "blockchain can change the world" is far stronger than cryptocurrency. If he talks about the encryption economy with a highly developed country, he will only sneer, but if he talks about the blockchain, he will be like a confidant.
Take the application of Ethereum blockchain technology as an example. In addition to the United States and the United Kingdom, Canada is unparalleled in the fields of finance, government, law, health, education, transnational cryptocurrency, energy, or ICO. The Canadian government is early The layout began.
As early as 2015, the Bank of Canada, Payments Canada, 7 Canadian commercial banks and technology alliance R3 started an ambitious project-Project Jasper. The goal is to use distributed ledger technology (DLT), the backbone of cryptocurrencies such as Bitcoin, to build and test an experimental interbank wholesale payment system.
But at the same time, the Bank of Canada also stated that the use of a large-scale payment system based on blockchain distributed ledger technology (DLT) will not only bring higher operating costs to financial service institutions, but also bring great Risk, and emphasized that it does not apply to the cost and risk requirements of the existing large-scale payment system. The Bank of Canada finally decided not to use this technology for now.
However, this study also shows that the use of DLT to build a new distributed large-scale payment system does have a certain feasibility, which means that such large-scale DLT-based payment systems do have the ability to provide infrastructure for various financial services. Potential for benefit. Canada is convinced of the power of blockchain.
Not only that, the Canadian government also announced the launch of a blockchain-based system, "Known Traveler Digital Identity" (Known Traveler Digital Identity), which can transmit personal information to government agencies for cross-border travelers and provide travelers with A more secure platform.
According to an official statement: “Since the launch of the prototype of the known passenger digital identification system, the Canadian government will design a country-to-country proof-of-concept pilot project, and further explore the emerging biometric technology and distributed ledger technology. The Canadian government will work with the Kingdom of the Netherlands to explore the potential of digital identity systems and build trust and cooperation with other international partners in the future. "
Before launching the known passenger digital identification system, the Canadian government has cooperated with the World Economic Forum's travel security project for two years.
It can be seen that in the application of blockchain, Canada not only pays attention to innovation, but has also begun to cooperate with various countries a long time ago to use blockchain to improve the convenience of life.
Due to the influence of Ethereum, the Canadian Government Initiative and the National Research Council of Canada (NRC) are experimenting with the use of Ethereum blockchain technology to record government contract information. In this pilot project, the National Research Council of Canada used blockchain startup BitAccess's Catena platform based on open source blockchain technology to release government funding and credit information.
The Industrial Research Assistance Group of the National Research Council of Canada became the first organization to test this technology, and they have released credit information. The team will also evaluate how the government can apply blockchain technology in other areas. Undoubtedly, the Canadian government's strong interest in blockchain applications early on has laid the foundation for rapid development in the future.
Is CAD currency a digital currency?
After Russia and Venezuela, countries have also tried to launch digital currencies, but the upper-level personnel have been thinking a lot. Ben Fung of the Bank of Canada and Walter Engert of the Canadian Financial Institutions Oversight Office jointly published an article discussing the advantages and disadvantages of central banks issuing cryptocurrencies. The article explains the six possible benefits of digital currency issued by the central bank, but only three are worth paying attention to: consumer payment, financial inclusion, and stability.
They believe that financial inclusion can only benefit developing economies, including the article citing other existing solutions around the world (such as the M-PESA system in Africa). These solutions, like digital currencies, seem to be shrinking financial The service gap.
Just when people are curious about when Canada can truly take the initiative in digital currency, in June, the Bank of Canada conducted an experiment with "CAD coins", which is another exploration of distributed ledger technology. However, Caroline Wilkins, senior vice president of the Bank of Canada, stated that the bank is "very far away" from issuing cryptocurrencies for public use.
Technically speaking, a CAD coin is a deposit slip, which allows the holder to withdraw money from the central bank. But this means that CAD currency is just another form of legal currency. Unlike the central bank reserves stored in the main account of the Federal Reserve Bank, CAD coins are only stored in the bank's "wallet" in the form of a distributed ledger. Using CAD coins to transfer money from one bank to another will not affect the central bank's assets. Balance Sheet. Only in the redemption phase, when CAD currency is exchanged for fiat currency, will the central bank's reserve fund change.
The emergence of CAD currency is a fictitious shot, but it also illustrates the Canadian government's willingness to make changes to the blockchain. The time to issue a national digital currency is just not yet, but the possibility is quite high.
"Testing the waters" in the crypto economy
Canada's regulations on cryptocurrencies, ICOs, and tokens are relatively loose, and government rewards are provided to start-up technology companies. There are federal and provincial rewards. Such incentives have attracted many digital currency investors at home and abroad. Mining companies and digital currency funds have all played their huge advantages in Canada.
Toronto-based Bitcoin mining company Hut 8 announced on July 16 that its second mining facility in Canada had been completed on July 16. The company claims that it has become the world's "largest volume of publicly traded" operator. Hut 8 has mined approximately 1,900 Bitcoin (BTC) since its initial release announcement in December last year.
The relative success of Hut 8 has further diversified the Bitcoin mining market, but the Bitcoin mining market continues to be dominated by China-controlled Bitmain. On July 17 this year, the Canadian-based Rivemont Crypto Fund stated that about 91% of its $2.3 million assets held were legal tender and 9% was Bitcoin.
The Securities Commission of British Columbia approved the first registered cryptocurrency investment fund in Canada and admitted that it regarded cryptocurrency investment as a novel investment method. The ruling allows pension, investment and venture capital funds, including the Ethereum capital of Ontario's municipal employee retirement system, to invest in cryptocurrencies and tokens.
The Rivemont Crypto Fund was established in December 2017 and allows the trading of cryptocurrencies such as Bitcoin, Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC).
MarTIn Lalonde, President and Portfolio Manager of Rivemont Crypto Fund, said: "The core of the transaction may still be the most important cryptocurrency. Such a portfolio is the most popular, but the other half of the portfolio may be smaller and more speculative. Some of the cryptocurrencies that we think may have more potential for development."
Based on loose regulatory policies and the government’s “invisible encouragementâ€, statistics show that a large part of Canadian residents have expressed a strong interest in blockchain and digital currencies. A study compiled by the Ontario SecuriTIes Commission's Investor Office shows that 5% of Ontario residents (about 500,000 residents) hold crypto assets.
At the end of 2017, the rate of Canadians using Bitcoin for investment increased. Among them, 58% of Canadian respondents stated that their motivation is “investmentâ€, 12% of Canadian Bitcoin holders conduct cryptocurrency transactions because “my friend owns Bitcoinâ€, and 7% are due to New technologies are interested, and 6% of the people’s transaction reason is that they need to use Bitcoin to buy goods and services online.
Among non-trading users, those who invest in Bitcoin account for 77%, and they firmly believe that investment is the most important function of Bitcoin.
With apps and transactions, the Canada Revenue Agency (CRA) began taxing cryptocurrencies in 2013. However, in order to promote technological and scientific innovation, the federal and provincial governments provide various research and development (R&D) tax incentives.
If the cryptocurrency is held as a capital asset (such as an investment), the proceeds are classified as capital gains and taxed as capital gains; if the cryptocurrency is located outside Canada or directly held through funds, the taxpayer must comply with foreign declarations Rules; if an employee receives cryptocurrency as salary or other payments related to employment, the employee’s income includes the amount of cryptocurrency converted into Canadian dollars; the mining of cryptocurrency is a business or as a personal hobby No tax is levied.
Taxation is another recognition of cryptocurrency transactions in Canada. To some extent, the Canadian government's cognitive thinking on the blockchain has become more cutting-edge and open.
Even in the year of "everyone is at risk" in 2018, Canada has not issued clear laws and regulations on digital currencies. On August 28 this year, the Canadian government postponed the release of final regulations for cryptocurrency and blockchain companies. The regulation would have been published this fall, but the Canadian government stated that it would not publish the new bill in the Canadian Gazette until the end of 2019.
And since the Canadian federal government has entered the 2019 election, the final cryptocurrency regulations have also been shelved. Some companies in this field believe that this will have a positive impact on the competitiveness of the industry, because the government is introducing more stringent rules for the industry in the draft version released in June.
"Be the first person to eat tomatoes", this may be the only idea in Canada right now.
Compared with the ups and downs of the United States, the city of Russia, Canada is like a hero who has overcome difficulties, galloping freely in the world of blockchain. Whether it is the landing application of the blockchain or the issuance and transaction of digital currency, it has never thought much about it. "Let go of it and do it" has become the motto.
Solar home energy storage power supply
SHENZHEN CHONDEKUAI TECHNOLOGY CO.LTD , https://www.szsiheyi.com