Crypto Payments Gain Ground In Canada As Confidence Grows
August 17 2023 - 8:25AM
NEWSBTC
A recent study by the Bank of Canada (BoC) revealed that crypto
ownership in the country had slowed over the past two years.
However, recent sentiment from Coinbase’s Country Director for
Canada, Lucas Matheson, suggests Canadians are slowly warming up to
crypto again. Canadians Adopting Crypto Payments In a
conversation with Cointelegraph, Matheson mentioned that Canadians’
outlook towards digital assets is changing as they adopt it to make
daily transactions. This means that crypto in the country is
garnering mass adoption as service providers and consumers are
using it to facilitate payment of goods and services. Related
Reading: Shiba Inu DAO Gets Serious With New Advisory And
Investment Firm Furthermore, Matheson believes that more daily use
cases will arise that will be “digital asset-backed.” This belief
could stem from the fact that the tokenized industry is rapidly
growing with many real-world assets (RWA) being brought
on-chain. Many industries are expected to be disrupted with
the help of blockchain technology and non-fungible tokens (NFTs).
The E-commerce industry is one that Matheson has singled out to be
significantly impacted by NFTs. He said the major use case would be
“phygital” items, where fashion brands create the tokenized version
of their physical products. Popular brands like Nike and Lacoste
are known to have ventured into the metaverse with the introduction
of their tokenized wear. Coinbase And Key Regulations
Integral Matheson emphasized the importance of regulatory certainty
and how Coinbase is contributing to the crypto industry’s growth in
Canada. According to him, the crypto exchange was working closely
with the Canadian authorities to build trust and help them
understand the role of digital assets in building a sustainable
economy. Coinbase officially launched in the Canadian market on
August 14. The company announced that it had partnered with local
banks and payment platforms to ensure easy fiat on-ramp and make
crypto more accessible to Canadians. Furthermore, Coinbase rolled
out its Interac payment rails to enable local users “seamlessly
deposit and withdraw funds (CAD) to and from their Coinbase
wallets…” Meanwhile, Canada’s lawmakers have shown commitment to
backing the crypto industry in the country by providing regulatory
certainty to stakeholders in the industry. In June, the Canadian
House of Commons Parliamentary Standing Committee on Industry and
Technology published a report highlighting the positive impacts
blockchain technology could have on the economy and the need to
provide regulatory clarity and protect the interests of
consumers. Related Reading: Executives Of Crypto-Friendly
Bank Silvergate Step Down As Lawsuits, Liquidation Rages On The
report also proposed an innovative regulatory approach for
cryptocurrencies, emphasizing how Canada could become a leader in
the crypto economy. With such efforts from Coinbase
accompanied by regulatory certainty, Crypto adoption is bound to
grow. Interestingly, the Ontario Securities Commission (OSC) claims
that over 30% of Canadians plan to buy crypto by 2024. Market
remains highly volatile following FOMC | Source: Crypto Total
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