While most countries are leading to crack down on the cryptocurrency dealings, other countries are emerging as the blockchain and cryptocurrency superpower, one of them is Canada.
Canada has emerged as a leading crypto nation based on its innovation, low energy costs, high internet speed and favorable regulatory regime.
Currently U.S. stays as the number 1 and the UK number 2 when it comes to embracing Blockchain technology. Talking on the Ethereum Blockchain Technology adoption, a study conducted by Cornell University shows that “The Ethereum nodes are both in the latency space, and also geographically, more distributed around the world, as opposed to Bitcoin nodes, which tend to be located in data centers” explained Emin Gün Sirer, Cornell professor and computer scientist.
CANADA- Center for Blockchain innovation
Canada is right now leading the Blockchain innovation stems in part from Toronto being home to Vitalik Buterin who is the inventor of the Ethereum Blockchain, a second-generation open source software platform, with a general scripting language, which created a protocol for building reliable decentralized trusted networks. It extends the functionality of Satoshi Nakamoto’s Blockchain design which powered decentralized peer-to-peer Bitcoin payment, by adding the concept of smart contracts, also called scripting.
When talking about the resources required for an efficient cryptocurrency mining, the province has an energy surplus equivalent to 100 Terawatt hours over 10 years and offers some of the lowest electricity rates in North America. This has drawn cryptominers to the region, including from China, in droves.
Light cryptocurrency regulation
Excessive regulation could stifle innovation; accordingly, Canada lightly regulates cryptocurrency/ICO/tokens. And offers a wide selection of government — federal and provincial — incentives and aid to startup tech companies.
Cryptocurrency taxation with incentives
The Canada Revenue Agency (CRA) began taxing cryptocurrencies in 2013, but to bolster technological and scientific innovation the –Federal and provincial, governments provide various Research and Development (R&D) tax incentives.
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