Senate Of Canada Releases Report On Digital Currencies

On June 19^th, the standing Senate Committee on Banking, Trade and Commerce released a report on the use of digital currencies. The Report, entitled Digital Currency: You Can't Flip this Coin follows 15 months of study during which the Committee heard from 55 witnesses. Last February, I was privileged to be one of the witnesses that appeared before the Committee. The Report contains eight recommendations for the government to consider with respect to digital currencies and the technology that supports them. With one exception, the Committee saw no urgent need to regulate with respect to digital currencies and, in fact, urged the government to take almost a "hands off" approach at this time. Some of the more interesting recommendations are discussed below.