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We stand at a critical point in Canada with respect to Bitcoin. Let the Federal Government know Bitcoin matters to Canada!
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The Honourable Joe Oliver, Minister of Finance
Dear Minister Joe Oliver,
I am writing to you today to let you know that I strongly favour a progressive and moderate stance toward digital currencies such as Bitcoin in Canada. It is my hope to compel you to look deeper into the matter and consider the high opportunity cost of burdensome or restrictive regulations surrounding digital currencies.
I was troubled by the recent revelation of an internal FINTRAC document on the subject of Bitcoin, and by the language used within the document. The knowledge that FINTRAC is considering options that would "choke bitcoins oxygen supply (sic)" by denying Canadians access to the foreign-exchange market, or further options to "(force) exchange houses underground" in an effort to devalue the currency are upsetting to me both as a Canadian and as an ardent believer in the tremendous innovative potential that digital crypto-currencies have to offer.
I understand and appreciate the government's need to prevent criminal activity however it may be perpetrated, however I believe, much like the Internet, Bitcoin and similar technologies offer far greater benefit and opportunity to our nation, and to the world, than it does harm or risk. I would like to respectfully remind you that similar concerns were raised about the Internet in its early days, and had our government of the day taken an overly aggressive approach to regulating the Internet, it is clear today that we would have suffered immensely for it.
I believe it is important to understand that the invention of crypto-currencies cannot be undone, and there is no question that it will lead to substantial innovation as entirely new industries are born. The question that remains today is what part Canada will have in the global ecosystem of crypto-currencies. I ask you, Minister Flaherty, to consider that a burdensome approach to regulations surrounding digital currencies such as is discussed in the FINTRAC internal document will not stifle Bitcoin innovation and development, but can certainly be successful in pushing that innovation outside the borders of Canada.
Over the next several years it is clear already that literally hundreds of thousands of jobs and billions of dollars in capital will be directed at developing new and innovative uses of this emerging technology. I sincerely hope that the Government of Canada will embrace this opportunity and allow the organic growth of these new industries within our borders.
I thank you for your time and consideration on this important and timely matter.