A House of Commons committee says blockchain could create “significant long-term economic and job creation opportunities in Canada,” but experts warn Ottawa needs to do a lot of work first if it wants to seize the technology’s potential and avoid drawbacks.
The Canadian House of Commons Standing Committee on Industry and Technology report came after a study that involved five meetings and numerous witnesses and briefs. Block change opportunities explored included cryptocurrency, supply chain, public sector uses, and non-crypto financial innovations.
Cointelegraph.com reported that one witness told the committee “Canada punches above its weight” in blockchain innovation and entrepreneurial capacity. In 2021, 2.5 per cent of large enterprises in Canada used blockchain, while less than one per cent of small- and medium-sized enterprises did so. Witnesses before the committee estimated 16,000 Canadians were employed in the blockchain industry in 2020, and one witness estimated that cryptocurrency firms employed 13,000 Canadians in 2022.
The committee recommended more regulatory clarity is needed, and the government should formulate a national strategy with industry participants.