Enormous cryptocurrency popularity in Canadian major sectors
Canada has always been one of the modern and innovative countries, especially when it comes to the financial sector of the country. That is not a secret anymore that cryptocurrency, more specifically Bitcoin, has been taking over the world in many aspects of our daily life.
Thus even Canada’s biggest bank, the Royal Bank of Canada (RBC), has recently announced that it is planning to launch its own cryptocurrency trading platform. It was confirmed when everyone found out that the bank applied for four patents both in Canada and the U.S. to navigate across ways to properly integrate cryptocurrencies in its operations.Notably, one of those patents states:
“To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices.”
Even though reporters could not get any comments on this platform launch from the RBC spokesperson Jean Francois Thibault, there is also a ground for stating that the bank may also offer its customers cryptocurrency accounts. That theory came on the surface after RBC published at least 27 blockchain-related patents over the past three years. Those included credit scores, vehicle records, digital rewards and loan offerings.
Possibility of digital currency issuance in Canada
It was also revealed that RBC was researching a possibility of its own digital currency issuance.
The presentation of the concept was already passed to the governor of the Bank of Canada, as well as the bank’s board of directors.
With that digital currency being issued, the bank will not only be able to provide customers with all the benefits of central-banked backed assets but will also be able to collect personal data on customers way easier.
The presentation stated:
“Personal details not shared with the payee, but could be shared with police or tax authorities.”
As the popularity of cryptocurrency is growing each year in Canada, some companies from this list of Canadian trading brokers had already put their hands on it. You might ask why to choose a Canadian broker over the one in the UK and Europe, but there are several major reasons for that.
Firstly, the Canadian Investor Protection Fund (CIPF) can guarantee traders up to $1 million compensation in case a broker goes into bankruptcy.
Moreover, Canadian regulators don’t impose harsh restrictions on investors, unlike other regulatory institutions as the NFA or the CFTC.
How popular is Bitcoin in Canada?
That is a relatively complex question to answer without backing it up with the specific data and numbers. Fortunately, the Bank of Canada has already conducted a “Bitcoin Omnibus Survey” back in 2016 that shows a rather interesting data.
Results showed that out of 1,987 respondents 89% had once heard about Bitcoin. Moreover, lots of Canadians see Bitcoin as a store of value. Therefore, about 40% of respondents in 2018 named that as the reason for them storing the cryptocurrency.