Canadian Government Urged to Expedite National Cryptocurrency Strategy by Coinbase Canada CEO

During his appearance at Consensus 2025 in Toronto, Lucas Matheson, CEO of Coinbase Canada, emphasized the need for the new Canadian government to establish a national cryptocurrency strategy. Matheson, speaking on a panel about the Canadian government's role in leading the crypto industry, outlined key steps to position Canada as a leader in the blockchain space. He noted that while Canada has historically been a hub for crypto innovation, with Ethereum's origins and a strong presence of Web3 developers at Canadian universities, the country is now at risk of falling behind as other nations actively develop their crypto policies. Matheson stressed the importance of having a dedicated federal crypto leader and proposed the establishment of a government-led crypto task force within the first 100 days of the new administration. The task force would focus on developing a national crypto strategy, including defining digital assets, regulating stablecoins, and enabling banks to securely hold cryptocurrencies. Matheson also suggested creating a strategic bitcoin reserve and integrating crypto mining with existing data centers. He highlighted the potential of stablecoins in reducing the speculative nature of digital assets and proposed the creation of a Canadian-dollar-denominated stablecoin to enhance financial efficiency. Matheson pointed out that one in five Canadians send money abroad, incurring high remittance fees, and that crypto could significantly reduce these costs. Additionally, he noted that 15% of Canadians are underbanked, presenting a significant opportunity for crypto to drive innovation and change. Matheson also referenced the 'Stand with Crypto' initiative, aimed at educating lawmakers about the benefits of blockchain and addressing misconceptions. As Canada transitions to a new government under Mark Carney, Matheson expressed optimism about the potential for the new administration to embrace innovative technologies like crypto. However, he cautioned that without swift action, Canada risks being left behind in the global integration of crypto into the financial system, forcing Canadians to seek crypto-related services elsewhere and potentially exposing them to risks.