Standing Committee on Industry and Technology

Comité permanent de l'industrie et de la technologie

For immediate release

Ottawa, June 14, 2023 -

On 14 June 2023, the House of Commons Standing Committee on Industry and Technology (the Committee) presented its fifteenth Report of the 44th Parliament in the House of Commons entitled Blockchain Technology: Cryptocurrencies and Beyond.

Members of the Committee shared their thoughts regarding the report:

“Blockchain technology is an emerging sector that is already making real contributions to the Canadian economy. Over the course of this study, the committee heard from many witnesses about blockchain’s various applications, in the financial sector and beyond. The recommendations provided in this report aim at supporting this emerging sector, while protecting and informing Canadians, to maximize the potential of this technology in Canada.” Joël Lightbound, Chair of the Committee

“Parliament must be able to respond in a manner that promotes positive opportunities while ensuring safeguards exist to protect Canadians from harm and ensure that Canada doesn’t get left behind in a dynamic global conversation on these issues.” Rick Perkins, Vice-Chair of the Committee

“This report highlights the importance of recognizing the contribution of blockchain technology in a variety of industries in Quebec and across Canada. It appears relevant to support this emerging industry to stimulate the economy and create long-term jobs. I particularly endorse the development of a national strategy in collaboration with the provinces, international cooperation, and the establishment of an expert group to implement these initiatives. We need to establish appropriate regulation for stable cryptocurrencies and be open to adopting blockchain technology in various sectors. Together, we can position ourselves as a global leader in this field.” Sébastien Lemire, Vice-Chair of the Committee

“Blockchain technology and companies involved in it have created both opportunities and significant challenges that need to be addressed both federally and provincially. Canada needs a comprehensive strategy to ensure these issues are addressed.” Brian Masse, Member of the Committee from the New Democratic Party

The Committee held five meetings on this topic between October 2022 and February 2023, during which it heard from 31 witnesses. The report is available on the Committee’s website.