Canada just might be one of the best places to live for individuals working in the budding blockchain industry, as a recent report by the Chamber of Digital Commerce Canada revealed that the country’s blockchain industry is amongst the highest paying industries.
The Chamber of Digital Commerce or otherwise referred to as the voice of Canada’s blockchain community, released its first-ever comprehensive report earlier this month, discussing in great depth the blockchain ecosystem that is thriving in the country.
Canada, in the past couple of years, has become home ground for a variety of blockchain companies. A survey from 2018 by Deloitte revealed that 51% of the surveyed companies were already investing in blockchain. The report by Chamber of Digital Commerce Canada revealed that 96% of Canadian businesses with 500 employees or more have considered incorporating blockchain technology into their business.
The research report, developed by the Blockchain Research Institute with support from professional services company Accenture delved into three aspects of blockchain in Canada, the health of the blockchain industry, current strengths, lastly and most importantly, the legal requirements. It offers a closer and clearer look at the Canadian blockchain ecosystem through the data collected from a survey of the blockchain stakeholders at a national level.
According to the press release, the report utilized data from more than 150 participating firms in the cryptocurrency and blockchain sphere. In addition, the Canadian government and academia also provided their valuable input. The report weighed and deduced the technicalities of the country’s blockchain network by looking into different regions and company sizes.
And the research showed that the blockchain industry is diverse and is growing in the country and because of that Canada is well positioned to become a global leader in the blockchain arena. Tanya Woods, Managing Director of the Chamber of Digital Commerce Canada shared:
Canada’s existing innovation ecosystem offers best-in-class talent and pro-growth policies that can be leveraged to establish a leading global blockchain hub here at home.
However, in order to achieve that goal, the blockchain industry still needs further development for which government commitment is desperately required. Government support remains to be one of the biggest problems stunting the growth of blockchain tech in the country.
The report revealed that despite the significant growth of the industry it is still facing “challenges regarding access to funding and business services, and uncertain regulatory environments”. Additionally, insufficient public education about blockchain and little to no cooperation of banking and auditing services, also play a significant role in restricting the advancement of the industry.
Don Tapscott, Executive Chairman of the Blockchain Research Institute, further pointed out that the things which make Canada’s economy world-class like strong education and immigration systems, stable financial markets, leadership, traditions of stability and consumer protection; shouldn’t be at odds with forces that have the potential to drive the country forward like innovation and entrepreneurship. Addressing the regulators and policymakers, he added:
If policymakers, regulators, and enterprise leaders can rise to this challenge, we have the opportunity to build the Silicon Valley of blockchain right here in Canada
Moreover, the report revealed a big positive for the blockchain community; the average annual blockchain salary in the country is more than $98,000, making blockchain-oriented careers amongst the highest paying in Canada. On that note, Woods added:
It is clear that Canada’s blockchain ecosystem offers tremendous opportunity to those interested in a career in this field.
Crypto and Canada
As mentioned above, Canada is moving forward not only in the blockchain arena but in cryptocurrency as well. A study by the Bank of Canada revealed that 5% of Canadians own Bitcoin (BTC). Just two months prior, the co-founder of Toronto-based cryptocurrency exchange Coinberry claimed that Bitcoin is more efficient when it comes to paying taxes as compared to bank cards, further adding:
A credit card company charges a 3% fee. […] Our fee is .5%, so that’s a lot more beneficial for the municipalities.
Moreover, according to reports, Richmond Hill, a city near Toronto, began accepting Bitcoin for property tax in July and there were also suggestions that the city would think about accepting such digital payments earlier in January last year. However, despite the consideration, the proposal didn’t come to any fruition.
The October report provides Canadian leaders with a baseline measurement from which to begin observing annual changes and growth over the next five years – and beyond.