The past week has seen various developments pertaining to blockchain within Canada. Some bad, and some good. Here are a few of those events, and the stories behind them.
A recent ruling in Toronto courts has made waves, as Canada’s largest ever forfeiture of Bitcoin was enforced upon Matthew Phan. A convicted drug dealer, the judge came to this ruling under the belief that Phan obtained $1.9million in BTC through illicit activities.
Overall, of the 288 BTC held by Phan, he will be left with a mere 7.3 BTC – the only amount which could definitely be proven to not have been used for ‘nefarious’ activity.
Check out the original story below to learn more about the case.
Recently, Innisfil became the first municipality within the nation to announce their acceptance of cryptocurrencies for income tax payments. This acceptance of crypto, on behalf of a government entity, bodes well for the industry. While mainstream adoption may be trudging along, Innisfil has clearly recognized a growing presence by the nascent industry within their community.
One of Canada’s most rapidly growing crypto companies is Toronto based, Coinsquare.
This announcement comes on the heels of various other stablecoins being created. This is no surprise, as various respected companies within the financial industry have noted the growing trend towards stablecoins. Below is an article describing Circle, and their findings indicating this trend.
In an unfortunate bit of news, the extended bear market experienced by the cryptocurrency industry has resulted in another casualty. While the market has shown signs of recovery in recent weeks, it was too late to prevent BitFury from laying off at least 24 employees from their Albertan mining facilities.
Below are a couple of articles detailing the initial launch and progress of the facility during 2018.
The TradeLens pilot is one that utilizes blockchain in an effort to bring efficiency, transparency, and compliance to the global shipping industry. This pilot, which is being spearheaded by various entities, including the Canada Border Services Agency, has now welcomed another entrant – Livingston International. This entrance puts Livingston, alongside others taking part, including
IBM, Maersk, and the aforementioned CBSA.
In their announcement, CTO of Livingston Internationa, Craig Conway, stated,
“We have always prided ourselves on being a forward-thinking customs broker and trade-services provider…We are excited to work with Maersk, IBM, CBSA and other members of the TradeLens ecosystem on an initiative we believe will serve our industry well and provide transparency and security in the global movement of goods.”