FBC CEO Says Canada is North America’s Blockchain Hub
Notorious for creating an encouraging environment for developing technologies, Canada has yet again lived up to its reputation, becoming the first governing body to officially approve a crypto-based mutual fund. This mutual fund will be based on Bitcoin BTC, and will help facilitate large scale investments that are institutional in nature. As a government-approved fund, Canada steps up in the global race towards crypto and blockchain development and further promotes institutional adoption.
The manner in which Canada approaches innovation and emerging technology has fostered a productive environment for countless developments within the cryptocurrency sphere. This system, however, is not shared by the US, who’s SEC division regulates the industry under strict guidelines. Unlike Canada, the US attempts to find an appropriate yet controlled approach to oversee both crypto and blockchain related activities.
During an interview conducted by CCN, the Chief Executive Officer of FBC Inc., Sean Clark, noted the various characteristics that he believes makes Canada a technology-friendly nation. Clark also holds the position as the Bitcoin Trust operator, managing the very first BTC based mutual fund traded in North America. He explained that a combination of quality education, political action, and an unbiased approach are three characteristics that make Canada the innovative technology hub it is today.
The Importance of Dialogue
Clark explained that the FBC and associated experts work hand in hand with the government’s regulatory organizations for a six-month timeframe. The collaboration helped experts educate government officials to have a deeper understanding of the technology as well as foster close relationships between both industry and governing officials. In Clark’s opinion, Canadian governing entities, contrary to the SEC, are open to emerging technologies and participate in more discussions regarding innovation.
Clark also noted that Canada’s elected government officials play a large role in the nation’s open-minded approach to the crypto market. Mentioning Canadian PM, Trudeau, Clark pointed out his willingness to embrace the development of blockchain related technologies. An increase in US restriction on such technologies by the SEC offers Canada the chance to attract skilled developers and boost the nation’s economy overall.
Future Predictions for Bitcoin Values
According to Clark’s predictions for the cryptocurrency market, he expects a growth of trillions of US dollars within the next decade, however, predicts bearish trends in the near future. Clark explained that BTC prices may drop in the coming months, however, will face a significant boost in the next couple of years. This prediction is based around the greater assumption that institutional adoption will begin to take place in the near future following approved ETFs.