An example of a Canadian scheme for blockchain identification of travelers was unveiled at the World Economic Forum in Davos. In addition, Canada decided not to change the taxation standards for crypto businesses.
On Monday, Prime Minister Bill Morneau confirmed this, saying that Parliament is not going to change its attitude towards crypto assets when it comes to taxes.
It is worth noting that other Canadian senior officials have a different opinion. Canadian Central Bank Governor Stephen S. Poloz in December named Bitcoin as one of his irritants and urged people not to invest in the cryptocurrency market. Moreover, he said that trading cryptocurrency is no different from visiting a casino.
It turns out that instead of strict regulation of crypto assets (as in Korea, for example), the Canadian Prime Minister supported the policy of British Finance Minister Steven Mnuchin and Prime Minister Theresa May, who, during disputes within the WEF, turned all their attention to the illegality of using cryptocurrency.
The Prime Minister of Canada assured that the country's leadership is aware of the entire situation in the cryptocurrency market, as they are interested eliminate all risks to the Canadian economy. And it doesn’t matter what it is: terrorist financing or money laundering.
The identification scheme was based on the blockchain database. The American consulting company Accenture became a partner in the development of this project. In addition, it became known that the project is being carried out in close cooperation with the Parliament of the Netherlands.
As noted in the official press release, the service will use biometrics, distributed registry technologies and cryptography. Which, in turn, will help travelers go through all administrative procedures faster.
You May Also Like
Chinese police arrested hackers who stole cryptocurrency
According to Xinhua, China's state-run newspaper, Chinese police have arrested three people suspected of stealing $87 million worth of Bitcoin and other cryptocurrencies.
A US Senate subcommittee held hearings on the issue of cryptocurrencies
The US Subcommittee on Monetary Policy and Trade yesterday discussed major issues related to digital currencies. It was assumed that the hearing, entitled “The Future of Money: Digital Currency,” would be significant for the introduction of crypto assets into the economy.
