Canada Commissions Research on Marijuana Cryptomarkets Ahead of Legalization
A study has been commissioned to determine the legalization implication on cryptomarkets
Canada Launches Study on Marijuana Cryptomarket
The impact of Canada’s planned marijuana legalization is yet to be known. The North American state is planning to legalize recreational marijuana in October. As a result, state agencies are planning to launch a study that will give more details on crypto markets, online stores that depend on TOR browsers and digital currencies.
The public safety agency has already published a tender update online for the research. The study will be solely focused on buyers, sellers of marijuana and cryptocurrency markets.
The department states that the entire project will seek to determine the extent to which Canadians buy and sell marijuana illegally through the cryptocurrency market. It will also determine the trends and behaviour of Canadian cryptocurrency users. Additionally, the study is meant to have a conversation on policy around marijuana laws implications in Canada once the drug becomes legal.
To be more specific, the research will seek to determine the approximate volume of marijuana sold to Canadians within the last year. It will also set up a profile for buyers and sellers. Furthermore, the study will compare how the drug market on the dark web and traditional market operates. At the same time, it will determine the relationship between criminal networks and cryptocurrency markets.
Canada’s Growing Illicit Online Drug Trade
Reports by a global agency indicated that Canada is a major country for illegal drug purchases through the web. European Monitoring Center for Drugs stated that online trade sells in Canada stands at 33%. With the study, Canada will seek to find out the extent of the implication of legalization of marijuana on the cryptocurrency market.
As per the tender notice, legalization of marijuana is aimed to reduce crime involvement in the market. It stresses that it is key to have a keen look at the marijuana illicit market and the impact once legalized.
The upcoming legalization has already impacted the market. At the moment public listed marijuana stocks have spiked to record highs. Some experts have even compared the market spike to the bitcoin boom witnessed towards the end of 2017. Marijuana listed stocks have hit a market cap of $22 billion early this week.