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Canadian Conservative MP Pushes for Crypto Framework

Bill C-249 would have Canada's Minister of Finance consult provincially-designated crypto experts.

Canadian Conservative MP Pushes for Crypto Framework
Shutterstock photo by Deeplap

Key Takeaways

  • Canadian Conservative MP Michelle Rempel Garner has introduced Bill C-249, which aims to create a crypto framework.
  • The bill, if put into law, would have Canada’s Minister of Finance consult with provincially-designated crypto experts.
  • Bill C-249 is meant to promote the growth of the crypto sector and ensure that lawmakers understand cryptocurrency.

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A Canadian Member of Parliament has introduced a bill that aims to make lawmakers interact with cryptocurrency experts.

Garner Introduces Bill C-249

Conservative MP Michelle Rempel Garner introduced Bill C-249, titled “Encouraging the Growth of the Cryptoasset Sector Act,” in Canada’s House of Commons on Wednesday, Feb. 9.

If it is approved, the bill would create a framework demanding that Canada’s Minister of Finance consult with crypto experts designated by provinces and territories. Garner said in a videoclip that officials and lawmakers are setting policies despite being unfamiliar with cryptocurrency, and that this act could solve that problem.

The framework would “focus on lowering barriers to entry” in the cryptocurrency sector and would also “[protect] those working in the sector” while reducing administrative burdens.

Garner  also stated that “Canada should be attracting billions of dollars in investment in the fast-growing cryptoasset industry.” The proposal is meant to encourage growth in the sector.

Bill C-249 has already gained support from Hut 8 Mining, a Canadian crypto mining company that says it is consulting with lawmakers. Shark Tank host Kevin O’Leary also commented on the bill, stating that he could “lead billions of investment [dollars]” into Canada if the country creates a sound cryptocurrency policy.

Though the bill has been put forward by a Conservative MP, Canada’s current Minister of Finance is Chrystia Freeland, a member of the Liberal Party. Some expect Freeland to succeed Justin Trudeau, the current Prime Minister of Canada, as leader of that party.

Canada Is a Little-Known Crypto Hotspot

Canada’s cryptocurrency industry is rarely discussed. Nevertheless, the country has some advantages in the area.

The Canadian provinces of Quebec and Toronto were among the first regions in the world to approve Bitcoin spot ETFs, an investment vehicle that has still not been approved in the United States.

Quebec is also a major center for Bitcoin mining due to its inexpensive hydroelectric energy and cool temperatures. Canada currently provides about 9.6% of the global Bitcoin mining hashrate, according to recent data from Global X ETFs.

Canada is also home to Vitalik Buterin, the Russian-Canadian programmer who created the Ethereum blockchain.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 

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