“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”
Marc Kenigsberg, founder of Bitcoin Chaser
Blockchain in the US
In December of 2018, the US introduced two bills: The Virtual Currency Consumer Protection Act of 2018 and the Virtual Currency Market and Regulatory Competitiveness Act.
A month later, they introduced a new bill for creating a new asset class for tokens making it easier to regulate ICOs or initial coin offerings.
Now, the US Department of Homeland Security is calling for startups to offer blockchain-powered solutions that will help combat fraud, counterfeiting and forgery of digital documents. The Netherlands is doing the same thing and is even partnering up with corporate, non-profit and government partners.
What does that mean for Vancouver?
The US government, the government of the largest economy in the world, is already making leaps and bounds in terms of changing with the times. While banking in the United States and the UK have embraced the age of cryptocurrency and blockchain, Canada is still behind. In April of 2018, BMO banned credit and debit card purchases of cryptocurrency and this was after TD did the same thing.
QuadrigaCX: Gerald Cotton or How Canada Learned to Stop Worrying and Love Cryptocurrency
The CEO of QuadrigaCX, Canada’s leading bitcoin exchange marketplaces, Gerald Cotton, passed away taking with him $200 million USD and his encrypted wallets to the grave. The government knows now that cryptocurrency is not a joking matter, it's not a quick trend, but something that has to be regulated and to be made safe for consumers.
Let's talk numbers.
How much are we really saving here?
When these government regulations eventually come into play, and Canada is just a few steps behind, it’s best to stay ahead of the curve. It could potentially help you save huge costs on hiring, training and legal fees. Studies of the application of blockchain have shown to save banks upward of $27 billion USD annually by 2030. These saved costs came from streamlining cross-border settlement transactions and treasury operations. We mainly conduct businesses with the US which has already begun to utilize blockchain and soon Vancouver - a city home to many tech firms - will begin to as well.
The International Trend
South Korea
Even conservative countries like South Korea – who banned initial coin offerings, cryptocurrency and the use of blockchain after China did – are beginning to come around. The government is beginning to reevaluate the crypto space, figure out how to most efficiently regulate it and to give it the same treatment as fiat currencies
India
India was also forced to change their stance on cryptocurrencies and blockchain when companies such as Zebpay and Unocoin, India’s two largest crypto exchanges, decided to shut down their operations in India due to the Reserve Bank of India. Soon enough, Canada will come to realize the benefits of blockchain and that the potential applications are endless.
The Future is in Your Hands
To be a differentiator in your respective industry, businesses should be encouraged to take that first step and be a pioneer using blockchain. If not, the pre-existing business models in place could be obsolete within the next few years.
We encourage you to explore the rest of the website, learn a little bit more about Blockchain and how you can use it to grow your business with a competitive advantage like no other.