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The Future of Canada is Crypto As Canadians Favour Crypto Paychecks Over Loonie, Survey Reports

zycrypto.com 19 January 2022 10:56, UTC
Reading time: ~2 m

  • 67% of Canadians fancy a crypto paycheck.
  • Over 50% of crypto owners reportedly began showing interest in digital currencies during the 2020 pandemic.
  • BTC, LTC, ETH, ADA and DOGE top the most owned assets in Canada. 

A recent report by the Canadian software review company, Capterra, has revealed that a growing number of Canadians are looking to transition to crypto payments before the end of the decade. The survey puts the total percentage of Canadians under this category at 67%, adding that close to 25% of the Canadian population already have significant investments in crypto. 

While nations like Venezuela, Kenya, and Nigeria ranked high globally in the list of countries adopting crypto, Canada, last year, was nowhere near the top 20 spots in global crypto adoption. The government continued to take an observatory stand on the spate of crypto affairs, especially with regards to regulations and volatility in the US. Today, its citizens — mostly those, especially within 18 to 35 years of age — are actively representing the country in a list of North American nations with growing crypto adoption.  Just like the US, approximately 70% of crypto investors in Canada began their foray into digital assets during the 2020 COVID19 pandemic.

But the situation is not all glamorous in Canada. There are still over 60% of citizens who blame their hesitancy on a lack of understanding of the concepts of crypto. Some 44% remain skeptical on the fate of crypto over the next 5 years, judging by market fluctuations. This is in part, caused by the unwillingness of the government to define and reconcile digital assets to itself.

Road Towards A Digital Loonie

Back in 2016, the Bank of Canada undertook a blockchain trial raising hopes of a possible digital looney underway. But the bank has repeatedly stated that it is under no obligation to float one. It has stated that it would need to see a decline in fiat use or the advent of a major competitor like Bitcoin, to come in as a competitor. To do this, it would need the approval of the Canadian legislative authority.

With growing adoption in the great white north, it is up to the government to put all parameters in place for the creation of a Stablecoin and encourage digital currency creators to peg their cryptos to it. 

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