Tories wants Trudeau to adopt a plan to attract crypto investment

Conservative legislators urge Justin Trudeau’s administration to take cryptocurrency more seriously, urging that his finance minister begin establishing a national framework to attract investment.

Michelle Rempel Garner’s proposal is Canada’s first legislative entry into the rapidly growing asset class. Though the country “should be drawing billions of dollars in investment in this rapidly rising industry,” she added in a statement, it is instead losing talent to Europe and the United States.

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A so-called private member’s bill, such as the one filed Wednesday by Rempel Garner, has a slim chance of being enacted by the administration. However, it follows a similar call from a senior financial executive.

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Mike Katchen, CEO and co-founder of Wealthsimple Financial Inc., said last month at a business luncheon that Canadian policymakers should “place a flag” on cryptocurrency as part of their efforts to diversify the country’s resource-dependent economy.

The bill orders the finance minister to design a “national framework” in cooperation with industry experts, with a particular emphasis on “reducing obstacles to entrance into the crypto asset sector while protecting those already in the field and minimising administrative cost.”

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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