Michael Katchen, CEO of Canadian online investment management services company Wealthsimple, recently stated that Canada has what it takes to dominate the crypto space.
Describing blockchain technology as “wildly exciting,” Katchen believes that with strong efforts put in place by Canadian authorities, the North American country could become a leading destination for cryptocurrency projects and blockchain companies.
He said this while speaking with a non-profit speakers forum, Canadian Club Toronto.
“The smartest people in technology and the smartest engineers are flocking to build applications in this space, which is generally the thing that we see at the cusp of any major technology revolution, Canada could plant a flag and say. We want to help the smartest people that want to be working on crypto projects, companies on the blockchain — do it from Canada.”
Katchen also urged policymakers and regulators in Canada to clarify crypto-related taxes and legal issues in the country.
The CEO sees any efforts by the government that are dedicated to helping crypto-related and blockchain companies operate in a compliant way as part of a broader effort to diversify Canada’s economy with knowledge-based industries.
Katchen Neither Here nor There on Bitcoin’s Performance
Although very confident that successful results will be obtained in Canada’s technology industry if more focus is directed towards crypto projects and blockchain companies, Katchen said that he does not take a view on the long-term value of any particular cryptocurrency.
He sees “a heck of a lot of speculation” in cryptocurrencies, noting that BTC could one day become a reserve currency or end up not becoming “anything of value ever.”
Unlike Katchen, a reasonable number of high-profile individuals have taken either a positive or negative stand towards Bitcoin.
For example, El Salvador’s president Nayib Bukele has shown and still shows strong support towards bitcoin. Aside from leading the country towards adopting Bitcoin as a legal tender, Bukele has been actively growing El Salvador’s Bitcoin treasury. The country recently acquired 410 more bitcoins.
Source: https://coinfomania.com/wealthsimple-ceo-says-canada-can-the-crypto-space/#utm_source=rss&utm_medium=rss&utm_campaign=wealthsimple-ceo-says-canada-can-the-crypto-space