The Minister of Finance Bill Morneau claimed that the Government of Canada will not tighten the rules governing transactions with digital currencies. According to Morneau, the Canadian authorities do not plan to change their position regarding bitcoins and other cryptocurrencies and, accordingly, do not consider the possibility of strict regulation of this market.
At the same time, the Minister noted that the issues of money laundering and terrorist financing through cryptocurrency are still important and deserve increased attention.
“We need to be sure that we understand what is the basis of this market, so as not to jeopardize our economy,” he said.
It is worth noting that most of his speech at the WEF Bill Morneau devoted to the use of the detachment. In particular, Canada introduced a digital identification scheme for travelers based on this technology. It is planned that an innovative service will help tourists in the shortest time to undergo all administrative procedures related to travel.
Application of blockchain
The US Patent and Trademark Office (USPTO) has created the Royal Bank of Canada application for a blockchain platform for automatic credit ratings.
As noted in the document, the platform automatically generates credit ratings, based on historical and forecast data about the borrower. ItAlso in the patent application it is said that the technology of the distributed registry guarantees the unchangeability of the data. In general, Royal Bank of Canada intends to make the process of assessing the creditworthiness more transparent.
Recall last year, the Central Bank of Canada was extremely skeptical about the capabilities of the blockchain for the cardinal transform was also noted that the new solution will use more initial data than in existing credit scoring systems to date. This, in turn, can make the process of analyzing the creditworthiness of the borrower more efficient.