Blockchain technology is starting to take off in Canada, with some of the biggest names in the industry moving to the country. In order to help make the regulation process smoother, the Blockchain Association of Canada (CAB) and the Chamber of Digital Commerce (CDC) have merged to combine their experiences. Various blockchain agencies and groups have been forming all around Europe, and this marks the first step towards a powerful north American blockchain group.
Making Canada a Blockchain Hub
Various countries are vying to become blockchain hubs in their regions, and Canada has now joined the fray. The merger of these two organizations will help to create a regulatory environment designed to promote the growth of blockchain firms in the country. Canada is already home to a number of firms operating in the blockchain and distributed ledger technology (DLT) space, and by creating a blockchain hub, it hopes to attract many more to the country. Recently, Ohio in America launched its own blockchain group in a bid to turn the state into a blockchain hub. If both Canada and Ohio succeed in this goal, North America could suddenly have two strategically located blockchain hubs.
Are Crypto Regulations Around the Corner?
As more blockchain and DLT companies flock to Canada, the pressure on the government to launch crypto regulations ramps up. Canadian House Finance Committee has explicitly told the government to work on regulating cryptos before too much unlawfulness grips the industry and tarnishes Canada’s reputation. Canada is home to some of the biggest crypto mining firms, and without proper regulations these miners could be drawn away to a different country – taking thousands of jobs with them.
Blockchain Helping Air Canada
In case the Canadian blockchain industry needed another feather in its cap, Air Canada is utilizing blockchain technology to help lower costs and remain competitive in the era of low-cost travel. By teaming up with Winding Tree, Air Canada is now part of a blockchain ecosystem that helps to cut out the middleman and saves travelers thousands when booking their trips. These reduced costs to travelers means fuller flights and more money coming in the door to help Air Canada survive.
This new partnership will bring only positive results for the Canadian blockchain industry, and as more positive regulations come out, the Canadian blockchain space will continue to grow at an astounding rate. While it might take some time for the first crypto friendly regulations to be released, this merger means when they do come out, they will be more beneficial to all parties.