Coinbase CEO Canadians Are Moving Away from Cryptocurrency Speculation Trading

Coinbase CEO Canadians shifting away from speculative cryptocurrency trading

Author: JESSE COGHLAN, COINTELEGRAPH; Translation: Song Xue, LianGuai

The director of Coinbase Canada stated that Canadians are no longer seeing digital assets as speculative investments, but as legitimate assets for everyday transactions.

On August 16th, Lucas Matheson, the director of Coinbase Canada, stated in an interview in Toronto that he believes more practical applications and use cases in daily life will soon be supported by digital assets, “Everyone in our industry is excited about this.”

“In Canada, we are ready to go beyond seeing digital assets as speculative investments made by individual investors. This is a movement, a belief in financial democratization.”

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Matheson believes that as cryptocurrencies and non-fungible tokens (NFTs) become increasingly popular, Canadians are understanding the concept of decentralization and why digital assets are quickly becoming a normal part of everyone’s daily life.

A report from the Ontario Securities Commission in October 2022 stated that over 30% of Canadians plan to purchase cryptocurrencies by 2024.

He added that one of the most important things the industry needs to do is to build trust, and Coinbase is committed to helping Canadians understand why the transition to the digital economy is happening.

“We are all working hard to build trust with the government and parliamentarians and help them understand how to create a strong economic plan for Canada, including digital assets.”

Matheson sees e-commerce as one use case for NFTs, especially when physical goods are purchased that include digital assets.

Companies like Puma and luxury brand Dior have recently released shoes that are either associated with an NFT for authentication or include an NFT twin.

Regulatory clarity is also an important factor that Matheson emphasizes, as it will help more Canadian institutions participate in the digital economy.

Compared to the enforcement approach of US regulatory agencies, he described Canada’s cryptocurrency regulation as “participatory regulation”.

“Canada is making progress in how the government regulates our industry. They are committed to regulating cryptocurrencies,” he said.

David Furlong, the operational director of financial services company People’s Group, agrees with this and states that Canadian regulatory agencies are not very concerned with politics. They seek to understand the issues themselves and respond to them, and tend to “not react to short-sighted statements”.

A report from the Canadian House of Commons Technology Committee in July found that the blockchain industry brings long-term economic opportunities and employment opportunities to the country.

It made 15 recommendations, including recognizing blockchain as an emerging industry, providing more regulatory transparency, and formulating national strategies with the industry.

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