The Royal Canadian Mounted Police is seeking for a digital asset solution to facilitate the seizure and storage of cryptocurrency and non-fungible tokens.
Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada
A central bank discussion paper found that the majority of Canadians have little trouble accessing financial services, which gives them little reason to use a CBDC.
Canadian police reported using Chainalysis Reactor to trace crypto crimes
Police now have the ability to trace blockchain transactions, identify suspects and determine where funds have been deposited.
Free Bitcoin on Zaps experiment — but what are Zaps?
Why a Canadian Bitcoin advocate is giving out free Bitcoin tips, or Zaps, to people around the globe–and why the Zap trend is catching on.
Canadian crypto ownership declined amid tight regulations, falling prices
The biggest motivation for Canadians interested in Bitcoin is an investment — as showcased by the choice of over one-third of the 4,996 respondents in the Bank of Canada’s 2022 survey.
Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years
A recent study by the Bank of Canada (BoC) has shown a decline in the ownership of cryptocurrencies over the two years. The BoC has attributed this decline in crypto ownership to ecosystem collapses, regulatory hurdles, and price depreciation.
Bitcoin’s Decline Most Notable
According to the Bitcoin Omnibus Survey, Bitcoin’s ownership across the country dipped to 10% at the end of last year. This decline has been attributed to various factors, including the significant drop from its all-time high due to the current market conditions, especially since Bitcoin’s price crashed over 50% from its all-time high of $69,044.77 last year.
The survey also cited FTX’s unexpected collapse as contributing to the decline, as it prompted enhanced scrutiny from regulators while also creating doubts in the hearts of crypto investors.
The decline in Bitcoin ownership wasn’t a result of investors moving their money to other crypto assets given that altcoins also suffered a similar fate to Bitcoin, as ownership in these digital assets also experienced a downward trend last year.
The report read:
Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins.
There are some positives for Bitcoin and the crypto ecosystem, as Bitcoin’s ownership is still higher than the 8% recorded between 2018 and 2020. Another silver lining is that many locals are aware of Bitcoin (meaning they could invest in it in the near future), as general awareness of the token has been at an impressive 90%.
However, despite being aware of the term Bitcoin, many Canadians still don’t understand how the cryptocurrency operates. According to the BoC’s research methodology, 61% of non-bitcoin owners showed low crypto literacy. Meanwhile, a meager 30% of Bitcoin owners exhibited high-level crypto literacy.
Financial Literacy Doesn’t Equate To Crypto Enthusiasm
Many would have predicted that persons with higher financial literacy would be more bullish on Bitcoin and other crypto assets. However, that isn’t the case in Canada, according to the survey. Interestingly, respondents with a high financial literacy were the ones who were quick to exit the crypto market. In contrast, those with a lower financial literacy remained bullish despite the market conditions and regulatory concerns.
While these figures may not be so encouraging, there is enough reason to believe that the growing adoption of cryptocurrencies worldwide will impact the future of crypto ownership in the country as more locals gain crypto literacy.
Furthermore, efforts from the authorities to provide regulatory clarity could also help as it will boost investors’ confidence in the country and consequently increase crypto ownership in the country.
First major success in US Congress for two crypto bills: Law Decoded
In a 35–15 vote, the House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act.
RFK Jr: Bitcoin ‘Currency of Freedom’; Canadian Government Morphed Into ‘Monster’ During Trucker Protests
The Democratic presidential candidate made the comments during a Twitter Spaces conversation with prominent Bitcoiners on Wednesday.
Canada proposes new capital rules for crypto holdings
The Office of the Superintendent of Financial Institutions (OSFI) is opening public consultations on two draft guidelines updating its capital and liquidity approach to crypto assets.
Canada Unveils New Bank Capital Rules for Crypto Holdings
New rules for banks and insurers are based on international norms, regulators said
Canada’s court deem 👍 emoji valid as a contract agreement: Report
The case sought to determine whether a Canadian farmer had agreed to sell tons of flax to a grain buyer in 2021 by replying with a thumbs-up emoji.
Canadian regulator explains stance on crypto staking, lending for investment funds
Staking is still allowed, while the lending opportunities are limited and the proportion of “illiquid” assets is restricted.
‘A lot of the bad actors have been shaken out of the market’ — Bitvo CEO
Bitvo president and CEO Pamela Draper spoke with Cointelegraph at the Collision Conference in Toronto on the firm almost being acquired by FTX and Canada’s regulatory environment.
Crypto Miner Hive Blockchain Touts Privacy of AI Models Running on Its GPUs
Hive wants to provide enterprise AI training in its fleet of GPUs.
Canadian ETF Issuer 3iQ to Work With Coinbase to Offer ETH Staking in Its Funds
Toronto-based digital asset manager 3iQ will start offering ether (ETH) staking in its Ether Fund and Ether ETF, making it the first ETF issuer in North America to allow for this investment strategy, the company announced Wednesday. The feature will be available on or about Aug. 28.
Canadian Lawmakers Call for National Blockchain, Crypto Strategy
The government should recognize blockchain as an emerging industry with “significant” long-term economic and job creation opportunities, a lawmaker committee on industry and tech said.
Canadian committee proposes measures to support blockchain, crypto
The report, which consists of 16 separate proposals, highlights the advantages and potential of blockchain technology in various sectors.
Crypto Sites Are Naming Fake Dispute Resolution Organizations: Canada’s Securities Regulator
Most organizations the regulator mentions have little or no online presence and, with one exception, aren’t working with any major crypto platforms.
First Ever Canadian Bitcoin Conference Wraps up in Toronto
The event attracted over 300 attendees and a diverse array of exhibitors, according to conference organizers, signaling continued interest in the cryptocurrency despite past criticism of Bitcoin by Canada’s Prime Minister and tighter exchange regulation.
Ripple expands Canadian engineering activities with U of Toronto XRP validator
Canada’s largest university is the third in the country to partner with Ripple’s University Blockchain Research Initiative.