A Growing Adoption of Crypto Payments in Canada
According to a recent study by the Bank of Canada (BoC), crypto ownership in the country has slowed down in the past two years. However, there are signs that Canadians are slowly embracing cryptocurrencies again. Lucas Matheson, Coinbase’s Country Director for Canada, believes that Canadians’ outlook towards digital assets is changing as they increasingly use crypto for daily transactions.
Key points:
– Canadians are adopting crypto for everyday payments, indicating a mass adoption of digital assets in the country.
– Matheson predicts that more daily use cases will emerge, backed by digital assets, as the tokenized industry grows and brings real-world assets on-chain.
– The e-commerce industry, in particular, is expected to be significantly impacted by non-fungible tokens (NFTs), with fashion brands tokenizing their physical products.
– Regulatory certainty is crucial for the growth of the crypto industry in Canada, and Coinbase is working closely with Canadian authorities to build trust and promote understanding of digital assets’ role in the economy.
– Canadian lawmakers have shown commitment to supporting the crypto industry by providing regulatory clarity and acknowledging the positive impacts of blockchain technology.
Hot Take: Crypto Adoption on the Rise in Canada
With Coinbase’s entry into the Canadian market and their efforts to facilitate easy fiat on-ramp, coupled with regulatory certainty, the adoption of cryptocurrencies in Canada is likely to grow. The commitment of Canadian lawmakers and the positive sentiment towards digital assets among Canadians indicate a promising future for the crypto industry in the country.
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