3iq Digital Asset Management has announced that its solana fund has filed a preliminary prospectus for an initial public offering in Canada. The fund aims to become the first solana (SOL) exchange-traded product (ETP) in North America. Its objectives include providing exposure to the cryptocurrency, long-term capital appreciation, and staking yield. The Fund Seeks to […]
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Bitcoin Well Launches Payments via Lightning Network in Canada
Bitcoin Well Inc., a non-custodial bitcoin platform, has announced the integration of the Lightning Network into its platform, enabling customers in Canada to instantly sell bitcoin from any personal Lightning Wallet. Bitcoin Well’s founder & CEO, Adam O’Brien, stated that this innovation enhances the speed, security, and cost-effectiveness of selling bitcoin, making it more user-friendly […]
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Bank of Canada Governor Warns of ‘Sharp Correction’ Risks in Markets and ‘System-Wide Stress’
In his speech on the release of the Financial Stability Report, Tiff Macklem, Governor of the Bank of Canada, sought to emphasize the purported strength of Canada’s financial system while cautioning against ongoing risks that could precipitate a “sharp correction” in markets, potentially leading to widespread financial strain. “Some indicators of financial stress have risen,” […]
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Binance Fined Over $4 Million in Canada for Money Laundering Violations
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) has imposed a fine of C million on crypto exchange Binance for failing to comply with anti-money laundering and terrorist financing laws. This penalty, equivalent to approximately .4 million, was levied after Binance failed to register as a foreign money services business and neglected to report over […]
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Coinbase Reaches ‘Crucial Milestone’ in Canada With Restricted Dealer Registration
Cryptocurrency exchange Coinbase has announced that it has reached “a crucial milestone” in Canada by obtaining registration as a restricted dealer in the country. “Ranked as Coinbase’s third-most crypto-aware nation globally, Canada boasts an enthusiastic tech ecosystem that has the potential to be a leader in the global cryptoeconomy,” Coinbase noted. ‘Crucial Milestone in Coinbase’s […]
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Bank of Canada Study: CBDC Can Help Overcome Inclusion Issues
A recent study conducted by the Bank of Canada delved into the role a central bank digital currency (CBDC) would play in improving financial inclusion, digital inclusion, and accessibility. The study concludes that while the Canadian financial ecosystem is inclusive, a CBDC might help tackle several challenges not dependent on the system itself.
Bank of Canada Study Examines CBDC Role
A recent study published by the Bank of Canada, titled “Redefining Financial Inclusion for a Digital Age: Implications for a Central Bank Digital Currency,” examined the challenges a central bank digital currency (CBDC) would tackle in Canada.
The study remarks that while financial inclusion is high in Canada, with 98% of adult Canadians having access to a bank account and debit cards, underbanked Canadians can still face barriers and challenges, having to resort to alternate providers that charge higher fees for their services, including payday lenders and cheque cashers.
The use of cash in the country, qualified as having a key role in financial inclusion, has diminished significantly, going from being present in approximately 53% of the transactions in 2009 to below 21% in 2021. Nonetheless, it continues to be accepted at a wide array of establishments.
CBDC and Inclusion
The study, which examined different kinds of inclusion (financial inclusion, digital inclusion, and accessibility), found that many of the challenges that impact the accessibility to payment methods were not “normally considered within the purview of central bankers” and require public investment on a series of policy initiatives.
However, these elements could be considered when designing a CBDC to make it universally accessible. The study compared today’s digital payment ecosystem with the old one, where banknotes were sufficient to achieve this accessibility. The study detailed:
Although bank notes may have been effective at addressing barriers in the past, to be universally accessible, a CBDC must address the barriers inherent in today’s—and tomorrow’s—evolving technical landscape.
While the study found that the number of individuals who face challenges that could exclude them from the traditional financial system is larger than previously assumed, it explains that these findings “serve to inform the design of future digital payment products and services and CBDCs.”
Furthermore, it calls for more research to uncover more challenges and opportunities associated with these new technologies to let the broadest population benefit from accessible digital payments.
What do you think about the CBDC and inclusion study recently completed by the Bank of Canada? Tell us in the comments section below.
Crypto Payments Gain Ground In Canada As Confidence Grows
A recent study by the Bank of Canada (BoC) revealed that crypto ownership in the country had slowed over the past two years. However, recent sentiment from Coinbase’s Country Director for Canada, Lucas Matheson, suggests Canadians are slowly warming up to crypto again.
Canadians Adopting Crypto Payments
In a conversation with Cointelegraph, Matheson mentioned that Canadians’ outlook towards digital assets is changing as they adopt it to make daily transactions. This means that crypto in the country is garnering mass adoption as service providers and consumers are using it to facilitate payment of goods and services.
Furthermore, Matheson believes that more daily use cases will arise that will be “digital asset-backed.” This belief could stem from the fact that the tokenized industry is rapidly growing with many real-world assets (RWA) being brought on-chain. Many industries are expected to be disrupted with the help of blockchain technology and non-fungible tokens (NFTs).
The E-commerce industry is one that Matheson has singled out to be significantly impacted by NFTs. He said the major use case would be “phygital” items, where fashion brands create the tokenized version of their physical products. Popular brands like Nike and Lacoste are known to have ventured into the metaverse with the introduction of their tokenized wear.
Coinbase And Key Regulations Integral
Matheson emphasized the importance of regulatory certainty and how Coinbase is contributing to the crypto industry’s growth in Canada. According to him, the crypto exchange was working closely with the Canadian authorities to build trust and help them understand the role of digital assets in building a sustainable economy.
Coinbase officially launched in the Canadian market on August 14. The company announced that it had partnered with local banks and payment platforms to ensure easy fiat on-ramp and make crypto more accessible to Canadians. Furthermore, Coinbase rolled out its Interac payment rails to enable local users “seamlessly deposit and withdraw funds (CAD) to and from their Coinbase wallets…”
Meanwhile, Canada’s lawmakers have shown commitment to backing the crypto industry in the country by providing regulatory certainty to stakeholders in the industry. In June, the Canadian House of Commons Parliamentary Standing Committee on Industry and Technology published a report highlighting the positive impacts blockchain technology could have on the economy and the need to provide regulatory clarity and protect the interests of consumers.
The report also proposed an innovative regulatory approach for cryptocurrencies, emphasizing how Canada could become a leader in the crypto economy.
With such efforts from Coinbase accompanied by regulatory certainty, Crypto adoption is bound to grow. Interestingly, the Ontario Securities Commission (OSC) claims that over 30% of Canadians plan to buy crypto by 2024.
Coinbase Launches in Canada — Executive Says Canada ‘Well Positioned’ to Be a Global Leader in Crypto Economy
Nasdaq-listed crypto exchange Coinbase has officially launched in Canada with new offerings to “make cryptocurrencies more accessible to millions of Canadians.” A Coinbase executive stated: “Canada is well positioned to be a global leader in the cryptoeconomy.”
Coinbase Officially Launches in Canada
Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced its “official launch in Canada” with a series of new offerings on Monday.
Coinbase CEO Brian Armstrong tweeted announcing the launch, stating that his company’s Canadian operation has new leadership, new payment rails, new regulatory milestones, and 200 local employees. “Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth,” he described.
Coinbase is launching in Canada today!
New leadership, new payment rails, new regulatory milestones, and 200 local employees.
Smart countries are embracing this technology (and creating regulatory clarity) to help update the financial system and drive economic growth.…
— Brian Armstrong
(@brian_armstrong) August 14, 2023
“Through its partnership with Peoples Trust Company, part of Peoples Group, Coinbase is now providing access to Interac e-transfers to 100% of Canadian Coinbase users,” the exchange’s announcement details, elaborating: “This will make cryptocurrencies more accessible to millions of Canadians.” The Nasdaq-listed crypto firm noted that “Depositing funds to Coinbase using Interac is free and almost instant,” adding that in the last month, over 50% of deposits have been made through Interac e-transfer.
Nana Murugesan, Coinbase’s vice president for International and Business Development, commented:
Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework.
David Furlong, chief operating officer of Peoples Group, opined: “Peoples Group is pleased to partner with industry leader Coinbase, to enable this money movement tool for their Canadian customers and expand payment possibilities.”
According to a survey by the Ontario Securities Commission (OSC), over 30% of Canadians said they will buy cryptocurrency within the year, more than double those who say they currently own crypto assets.
Meanwhile, in the United States, Coinbase is engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC filed charges against Coinbase in June accusing the company of operating an unregistered securities exchange, broker, and clearing agency. Despite this, Coinbase has maintained that the crypto tokens listed on its trading platforms are not securities. However, SEC Chairman Gary Gensler holds the view that all crypto tokens, besides bitcoin, are securities. Coinbase has appealed to the court to dismiss the SEC lawsuit, contending that the regulatory body has exceeded its statutory authority.
What do you think about Coinbase expanding its services in Canada? Let us know in the comments section below.
Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years
A recent study by the Bank of Canada (BoC) has shown a decline in the ownership of cryptocurrencies over the two years. The BoC has attributed this decline in crypto ownership to ecosystem collapses, regulatory hurdles, and price depreciation.
Bitcoin’s Decline Most Notable
According to the Bitcoin Omnibus Survey, Bitcoin’s ownership across the country dipped to 10% at the end of last year. This decline has been attributed to various factors, including the significant drop from its all-time high due to the current market conditions, especially since Bitcoin’s price crashed over 50% from its all-time high of ,044.77 last year.
The survey also cited FTX’s unexpected collapse as contributing to the decline, as it prompted enhanced scrutiny from regulators while also creating doubts in the hearts of crypto investors.
The decline in Bitcoin ownership wasn’t a result of investors moving their money to other crypto assets given that altcoins also suffered a similar fate to Bitcoin, as ownership in these digital assets also experienced a downward trend last year.
The report read:
Investors did not appear to shift out of Bitcoin and into other cryptoassets, as we observe decreased ownership of altcoins.
There are some positives for Bitcoin and the crypto ecosystem, as Bitcoin’s ownership is still higher than the 8% recorded between 2018 and 2020. Another silver lining is that many locals are aware of Bitcoin (meaning they could invest in it in the near future), as general awareness of the token has been at an impressive 90%.
However, despite being aware of the term Bitcoin, many Canadians still don’t understand how the cryptocurrency operates. According to the BoC’s research methodology, 61% of non-bitcoin owners showed low crypto literacy. Meanwhile, a meager 30% of Bitcoin owners exhibited high-level crypto literacy.
Financial Literacy Doesn’t Equate To Crypto Enthusiasm
Many would have predicted that persons with higher financial literacy would be more bullish on Bitcoin and other crypto assets. However, that isn’t the case in Canada, according to the survey. Interestingly, respondents with a high financial literacy were the ones who were quick to exit the crypto market. In contrast, those with a lower financial literacy remained bullish despite the market conditions and regulatory concerns.
While these figures may not be so encouraging, there is enough reason to believe that the growing adoption of cryptocurrencies worldwide will impact the future of crypto ownership in the country as more locals gain crypto literacy.
Furthermore, efforts from the authorities to provide regulatory clarity could also help as it will boost investors’ confidence in the country and consequently increase crypto ownership in the country.
The Popularity of Crypto Online Gambling in Canada
Since its inception, cryptocurrency has grown in popularity day by day. Nowadays, we see cryptocurrencies used in various industries with great success. It didn’t take long for the casino industry to accept cryptocurrency as a payment method.
Bitcoin is the most widely used cryptocurrency at leading Canada online casino sites. However, you can also use altcoins like Ethereum Dogecoin and Shiba Inu.
That said, Canada has a tech cluster with a pioneering research and application record. With the country at the cutting edge of technology, it’s no surprise that cryptocurrencies like Bitcoin are gaining popularity.
Is there, however, more to it than that? Let’s look at some factors contributing to the popularity of online crypto gambling in Canada.
Privacy and security
First and foremost, we want to emphasize that you have the option of processing transactions in a safe manner. Cryptos use a cutting-edge technology called blockchain to secure every online transaction.
To maintain the security of every transaction, blockchain technology requires certain complex phases in the process and advanced security measures.
However, when it comes to traditional fiat currency given by credit cards, there are several situations when cyber-attacks take your funds. As a result, bettors were very apprehensive about losing their money.
Cryptography has done an excellent job of resolving this problem. This is one of the primary reasons for Bitcoin’s appeal in Canada. It ensures that the deposits are protected to the fullest extent possible.
Crypto has made it into the mainstream
There has been a significant movement in how cryptocurrencies are seen in the last few years in Canada. It was once thought to be a transitory trend, something too hazardous and without practical application. That demonstrates how erroneous people may be.
Not only have major corporations invested in cryptocurrency, but some have begun to accept it as a means of payment. The argument that cryptocurrency has no place in society because it cannot be utilized is no longer valid.
One of the most significant trends has to be the rise of crypto-accepting online casinos. This demonstrates how technology has infiltrated every aspect of our life, from investments to leisure. As you can see, Canada is ideally positioned to take maximum advantage of this. Crypto’s popularity will only continue to rise as a result of this.
The birth of crypto casinos
Although it is still a relatively new trend, many online casinos are already embracing Crypto as a means of payment. Gamblers perceive cryptocurrency as the ideal solution for payment methods because of the security and anonymity it provides.
Canada leads the way when it comes to Bitcoin casinos. There are several to pick from in the country, although such are still in their infancy in other countries. Many Canadian gamers choose Bitcoin as their preferred money at online casinos when given the option.
Bitcoin gaming is growing so popular in Canada that online casinos that do not accept it are scrambling to catch up. Players in Canada are major lovers of online casino games, so anything that enhances the experience, like the ability to utilize cryptocurrency, would be warmly received.
Elon Musk factor
Elon Musk may not have been born in Canada, but his mother is Canadian. That means that when the man speaks, Canadians are all ears. After all, if one of the world’s wealthiest people has something to say, there’s a good chance you’ll learn something from it. Musk is more than a little outspoken when it pertains to cryptocurrency.
This man’s speech of a few lines on a TV show or a Tweet can send cryptocurrency prices flying. Musk understands the long-term significance of cryptocurrencies like Bitcoin and Ethereum. Those who perceive him as an adopted son in Canada will concur with his assessment.
Bitcoin is now being used for practical purposes, such as Bitcoin casinos. Canadians will be eager to hold it to watch the value rise and utilize it like any other currency.
Decentralized nature
Cryptocurrencies are decentralized. Those unfamiliar with the word indicate that cryptos are not linked to third-party institutions, such as banks or government agencies. As a result, you can accept payments without opening a bank account or complying with onerous banking requirements.
Furthermore, keeping track of each transaction becomes a breeze. To maintain track of your payments, you do not need to furnish a bank statement. Therefore, cryptos were created specifically for you if you despise banks and all of their operations. Their decentralized nature is contributing immensely to their popularity in Canada.
Anonymity
Anonymity is another feature that contributes to the popularity of crypto gaming in Canada. When depositing on a Canadian casino website, you can remain anonymous.
Also, when creating an online crypto wallet, you are not needed to provide any personal information or reveal your identity. Therefore, there is practically no method to identify your data when making payments on the platform.
This is particularly useful for the bulk of Canadian gamers, who desire to remain anonymous for various reasons. For example, due to government prohibitions or any other reason. As a result, completing transactions with cryptocurrencies gives you a wonderful possibility to do so.
Great bonus offers
Players at Canadian casinos are frequently treated to fantastic bonuses. When you play at crypto casinos, these incentives are even much better. This has helped them gain a lot of popularity among Canadian gamers.
By playing with Crypto on Canadian casino websites, you will find a plethora of lucrative bonuses and incentives. They use this to make you feel welcome when you arrive. This will urge you to keep gambling with Crypto for a long.
Once you fund your account with Crypto for the first time, many casinos offer 100% welcome bonuses. More options open up as you continue to deposit funds with Crypto in the future. This is helping to fuel the expansion of cryptocurrency gaming in Canada.
Conclusion
Crypto online casinos are booming right now, especially in the last few years, with a 70 percent increase in revenue. The Canadian crypto gaming business has grown to become one of the most powerful in the world.