Oil-Rich Canadian Province Alberta Aims to Become a North American Crypto Hub

The continued investments from some of the most high-profile financial juggernauts in Canada reflect a belief that institutional adoption of crypto and blockchain will keep growing. This western Candian province, which boasts a rich entrepreneurial history, is now looking to play a crucial role in the digital asset industry.

Alberta to Becoming Crypto Hub?

According to the latest report, Alberta’s ambitions are soaring high as the authorities are looking to position the province as a North American hub for firms trading and offering services related to the digital asset industry. In a recent interview, Jobs Minister Doug Schweitzer said,

“It’s still very much in its infancy in Alberta. But I think there’s an opportunity for Alberta to play a leadership role in Canada by creating a home for these venture companies.”

Emile Scheffel, vice-president of Brane Inc., noted that Alberta is “close to unique” when it comes to attracting innovative financial technology companies.

The latest news comes just a month after Alberta’s United Conservative Party government, in the province’s throne speech, revealed plans to table legislation aimed at “promoting innovation” in the financial services sector by enabling companies to explore new products and opportunities.

The main goal is to strengthen Canada’s largest oil-producing province’s position as the “modern electricity powerhouse” and attract investment in emerging technology such as cryptocurrencies.

Canada’s Crypto Industry

Cryptocurrencies are rapidly becoming more mainstream within the Canadian financial landscape. Catalyzing this increased adoption are regulators in the country that have remained fairly proactive in their approach. They have managed to tweak the existing laws to accommodate crypto and web3.

As for Alberta, the province welcomed many Bitcoin miners after the mass exodus from China. Many of them found a home there due to the abundance of natural gas and related infrastructure, as well as sophisticated natural gas producers. It has also accommodated a significant number of cryptocurrency-related companies that provide different services, from custody solutions to mining chip manufacturing.

Meanwhile, the Canadian subsidiary of the major accounting firm, KPMG, made its very first cryptocurrency investments after adding Bitcoin and Ethereum to its corporate balance sheet last month.

Besides crypto, Canada was also looking into CBDC. CryptoPotato reported earlier that the country’s central bank teamed up with the Massachusetts Institute of Technology (MIT) to conduct a twelve-month research project on central bank digital currency.

Featured Image Courtesy of Flickr

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