While the US and the UK remain the key players in the crypto scene, one nation which is fast making a name for itself is Canada. Canada has recently emerged as a leading crypto nation. It has managed to position itself directly behind both the US and the UK in the rankings. Canada’s high speed internet has been a source of delight for many innovative industries to thrive, from digital media companies like WebSuitable to gaming brands such as Royal Vegas casino and cryptocurrency exchanges such as Bitbuy. However, it is not just the quality online infrastructure that makes Canada perfect for crypto. Innovation and low energy costs have all been integral behind the county’s rise to the fore in the scene.
Ethereum or Bitcoin?
Bitcoin remains the world’s most popular and leading cryptocurrency. However, Canada has strong links to Ethereum (Bitcoin’s main rival). It is these links that has helped to make Canada a dominant force in the crypto scene. Toronto, Canada, is in fact home to the creator of the Ethereum Blockchain, Vitalik Buterin.
Blockchain Research Institute
In Canada, there’s also the Blockchain Research Institute, and this Toronto based project is designed to propose ideas on how blockchain tech and cryptos can be used to positively effect industries around the country. The Bank of Canada has also toyed with the possibility of having a national cryptocurrency too. With so much attention being focused on cryptos and blockchain, even by the government, it’s easy to see why Canada is now one of the scene’s dominant forces.
Canada has Low Energy Costs and a Helpful Government
As mentioned above, this is a nation with some of the lowest energy costs in North America. This makes it perfect for crypto miners. In fact, crypto miners have flocked to the country in their droves, from as far a field as China. Quebec, for example, is one of the finest crypto mining locations on the planet. This is because it has cool temperatures and high speed internet combined with low cost energy. Again, this is another factor in Canada becoming a leading crypto nation.
There continues to be a desire from the Canadian government to push cryptocurrencies, blockchain technology and start-ups which utilise them. Unlike many other nations around the globe, the Canadian government has taken the stance to only lightly regulated cryptos, tokens and ICOs, and this has not only led to a surge in popularity, but innovation has been allowed to flourish as a result too.
Crypto Investment Funds in Canada
The first authorised and registered crypto investment fund launched in Canada, thus providing citizens with a different way of investing. This has opened the door for pensions and investment and venture capital funds to be invested into cryptocurrencies. Last year also saw the first blockchain exchange-traded fund hit the Toronto Stock Exchange. This represented another huge step forward for the nation as a crypto hub.
In conclusion, Canada is a leading crypto nation because it has all the necessary ingredients on tap. Low cost energy, high-speed internet, a direct link to Ethereum, a desire to innovate and ultimately, a government who look to embrace cryptos and blockchain technology, rather than cast it aside out of hand.