Canadian senate panel votes against bitcoin regulationbr>
A report published by the Canadian Standing Senate Committee on Banking, Trade and Commerce has called for a “regulatory light touch” on bitcoin and digital currencies.
The report, entitled “Digital Currency: You Can’t Flip This Coin!“, will undoubtedly play a role in how the Canadian government shapes future regulation.
The committee recommended that the government look for ways to utilize digital currencies and blockchain technology, deeming the technology “ingenious” and capable of potentially meeting critical needs in both the financial sector and the unbanked in the world.
The committee also recommended that the government work with other countries on regulatory frameworks that offer a balanced approach to oversight, provide publicly available information on the legal and tax implications of digital currencies, and conduct further reviews of the study’s findings over the next three years.
The report cited money laundering, terrorist financing and price volatility as “serious obstacles” for the government as digital currency regulation is considered.