It’s Canada’s birthday. A whopping 150 years old and they are definitely acting their age by promoting the new Canadian $10 dollar note, presented by two figures from the same century as paper money. To celebrate we’ve integrated historic landmarks and political leaders onto a commemorative piece of paper (Polymer now actually) money.

We’ve barely changed anything since 1867, including our money.

I look at the situation similar to changing the design of the Bitcoin logo as a re-branding tool in 2019 for the 10th anniversary of the Genesis block and expecting people to want to use more because of it. In reality a new design, a tribute on the paper bills or the colour of the bill don’t add any real value, it’s just a bad marketing tool.

I believe the Bank of Canada is concerned about the future of finance. Instead of talking about the value of the struggling Canadian dollar (CAD), they are worried about Bitcoin and cryptocurrency regulation. They are jumping on top of the mainstream news bandwagon, spreading their fear, uncertainty and doubt on the future Bitcoin, cryptocurrencies, and ultimately the underlying decentralized technologies which will transform philosophical boundaries on how we view monetary governance in the near future.

Why is the Bank of Canada not concerned with the failing value of the Canadian dollar instead? It has had a lot of issues with CAD and if we weren’t forced to pay our taxes in Canadian dollars surely fewer people would use it. Stirring up fear and uncertainty about the future of cryptocurrencies in the financial industry is not going to fix the value of CAD right now, which has wilted sadly to become 30 to 35% weaker than the notorious American Dollar (Money also backed by nothing after Nixon “nixed” the gold standard).

Sure there are similar digital value transfer systems in the current financial world like SWIFT. Yes, you can wire funds around the world, but because of the centralized governance the controlling parties can deny smaller countries from joining the system, whereas blockchains don’t have a centralized denial of access.

Without getting too much into international politics, it appears that Canada’s current financial has been struggling and with the heavy reliance on USA as a trade partner (almost 80% of Canada’s trade is exclusively with the USA), any uncertainty regarding foreign business affairs and international trade treaties/acts with neighbouring countries, especially with the USA, will surely bring instability to the value of the Canadian dollar.

I see a hint of optimism because a lot of mainstream media predicted the Canadian loonie would drop as far as $0.65 USD/CAD around the time of the USA election, however the dollar has rallied recently and has hovered around $0.75 USD for most of the year, never yet dipping to the expected lows.

CAD/USD on Canada’s 150th Birthday, 7/1/2017

However, it is becoming exponentially harder to enter the real estate market as a first time home buyer on the 2017 average Canadian salary considering wages have not increased that much in comparison over recent years.

But wait… the Bank of Canada was experimenting with cryptocurrencies last year, and surely they could follow the path of Singapore and tokenize the so called CAD-Coin, the Canadian digital currency, onto a private blockchain.

The BAC is acting very conservative (surprise, surprise) when it comes to tokenizing no distributed ledgers and currently are only experimenting with the blockchain technology for settling inter-bank transactions in the future. if Canadian’s want a public digital currency for the nation, they’ve been told they must wait “a long time”. The BAC priorities are focused on improving the core payments systems of major banks in Canada. Of course that is the priority because they have to first protect themselves from the impending transition to cryptocurrency, and It would be in Canada’s best interest to place blockchain technology near the top of their priorities list. They’ve already taken the baby steps to start experimenting, but it would be nice if the BAC would take that innovation leap and indulge further into digital currencies to set an example for other countries.

Do you think Canada stepping forward with the adoption of cryptocurrencies or at minimum start utilizing Decentralized ledger technology will help advance Canada into the leaders in fully developed financial systems. Can Canada follow Singapore’s lead (who are in 2nd on this list and have nationalized a private Ethereum token [VIDEO: http://bit.ly/2tCE9Gd]) and the other countries from South East Asia and become a new leader in the global financial industry? That is going to depend how forward thinking the Financial executives are in Canada.

When you clash future technology with finance, two industries with radically different growth cycles the results create a level of synergy seen seldom in the regular world of business. If Canada play’s its cards they have the opportunity to make leaps and bounds past a majority of the developed financial world. But it looks like a risk they are not currently willing to take.

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