A Canadian member of parliament, Michelle Rempel Garner has introduced a bill that aims to encourage the growth of crypto assets in the country. The bill which is being termed as the Encouraging the Growth of the Cryptoasset Sector Act or Bill C-249 is the first such to be introduced in the parliament for discussion before it is enacted into law.
Garner hopes this will lead to Canada attracting billions of dollars in investment in the crypto sector and make the country a strong player in the fast emerging crypto asset industry. However, before that happens, the bill seeks to develop a framework within the country that would serve as an impetus in the growth of the crypto assets sector.
The lawmaker also said government officials as well as all concerned authorities are working in formulating the policies that will ensure the country attracts investments in the crypto sector to the tune of billions of dollars. She also confessed this being a new-age technology, many aren’t aware of what it is in the first place, how it functions, how to make a profit out of it, and so on, and more importantly, how it can fuel the future economic growth of the country.
‘Within three years after the day on which this Act comes into force, the minister must prepare a report setting out the framework and must cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after the report is completed,’ the bill envisages.
Experts in the field are being encouraged to come forward and explain what policies are needed for the bill to bring about the desired effect, which includes investments being encouraged in the sector while creating an atmosphere where the ordinary people are able to transact using cryptocurrencies safely and securely.
