Bitcoin Alliance of Canada Responds to the Senate Report on Digital Currencies

OTTAWA, June 19, 2015 /CNW/ - Yesterday, the Senate of Canada's Standing Committee on Banking, Trade and Commerce released their findings from an 18-month study into cryptocurrency. The Bitcoin Alliance of Canada (BAC) commends the Senate Committee for issuing sound recommendations and urges the government, public sector, private sector, and public at large to consider its contents and recommendations.

The committee's report and analysis provides clear evidence that the Senate understands both the technical workings of bitcoin (and blockchain technology) and the potential it has for Canadians.

The report highlighted the clear gains in privacy and security offered to Canadians who use digital currencies in comparison to traditional payment mechanisms which require Canadians' personal information to be stored alongside the transaction making it vulnerable.

"This will go down as a defining moment in the history of Bitcoin in Canada," said Kyle Kemper, Executive Director of the Bitcoin Alliance of Canada. "This report represents the most thorough and well-balanced study of a technology that stands to be as impactful as the Internet."

The BAC respects the Senate of Canada's foresight in identifying that bitcoin & blockchain technology is still evolving very quickly, and will create uses that cannot yet even be imagined.  By extension, the BAC believes the Senate's recommendation to "reassess the appropriateness of the regulatory environment in the next three years" appropriate.

Bitcoin Alliance of Canada

The Bitcoin Alliance of Canada is a Canadian federal not-for-profit corporation dedicated to raising bitcoin awareness among consumers, merchants, and policy makers. http://bitcoinalliance.ca

SOURCE Bitcoin Alliance of Canada

Press Contact: Kyle Kemper, 613.862.1808, [email protected]; Eric Spano, [email protected], 514.726.7078