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As global institutions embrace cryptocurrency, Canada is at a regulatory crossroads, according to the top executive at Coinbase Canada.
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Cryptocurrency is being adopted by the most powerful governments in the world, and embraced at a pace never seen before — faster than the internet, said Coinbase Canada CEO Lucas Matheson.
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About five million Canadians own cryptocurrency, along with hundreds of millions of people around the world, according to Matheson.
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However, Canada has historically been cautious in embracing change, he said.
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“Canada’s quite behind relative to the rest of the world, and the reason is . . . we have not had federal leadership around this asset class,” he told Postmedia in a Thursday interview.
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Matheson is optimistic about Prime Minister Mark Carney’s cabinet’s “willingness to engage in conversations, to embrace technology, and help this country.”
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Coinbase is an online platform for buying, selling and managing cryptocurrency. The company has over 300 employees across Canada, with offices in Toronto and Vancouver.
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“We expect our government to take technology seriously, to take the future seriously, and to take the financial wealth of Canadians seriously,” said Matheson.
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Putting a federal minister in charge of the crypto industry, responsible for coordinating a strategy across the government, is among the asks.
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“We’re also asking for a task force to organize across the governments, into provincial and federal and industry, to define a clear path for Canada,” he said.
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They’re also seeking “clear rules” for stablecoins, forms of cryptocurrency that tie their value to an external reference such as another currency or a commodity.
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Since their inception, many cryptocurrencies, such as the well-known Bitcoin, have been associated with price volatility — quick shifts in the value of the currency that can create uncertainty for buyers, sellers and investors.
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For example, the price of Bitcoin went from around $5,000 in March 2020 to $63,000 in April 2021 — then fell 50 per cent over the next two months, according to Investopedia.
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In contrast, stablecoins are meant to provide a less volatile alternative to other forms of cryptocurrency.
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“I think about crypto as a long-term investment,” said Matheson. “I personally don’t sell crypto. I only buy and hold crypto.”
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