Coinbase, a Canadian company, has announced a partnership with Stablecorp to develop the stable currency QCAD. This event occurred at the Blockchain Futurist Conference in Toronto and raises important questions about the future of cryptocurrencies in the country.
Collaboration of Coinbase and Stablecorp
CEO of Coinbase Canada, Lucas Matheson, stated that the company will assist in promoting QCAD, a stable currency issued by Stablecorp. As part of this collaboration, Coinbase is also investing an undisclosed amount in the project to expand access to tokenized Canadian dollars. According to Matheson, they expect the new federal government to adopt a digital asset strategy, recognizing the importance of cryptocurrencies.
Need for a Stablecoin in Canada
Matheson emphasized that the existence of a stablecoin is crucial for the Canadian market. In his view, Canada suffers from a lack of infrastructure for direct payments, and money transfers are too time-consuming and costly. He noted that stablecoins can provide instant payments 24/7, utilizing existing technologies.
Political Changes and Voter Interest in Digital Assets
According to Dean Skurka, CEO of WonderFi, Canadian voters expressed a desire for the government to take action on cryptocurrencies during the April 28 elections. Voters expect clear plans from politicians regarding digital assets, especially in light of the increasing interest in this sector. However, the new Prime Minister Mark Carney holds a skeptical view of stablecoins and supports the development of digital currencies by central banks.
The collaboration between Coinbase and Stablecorp, along with the growing interest in cryptocurrencies from Canadian voters, underscores the importance of establishing a clear government strategy for digital assets. The future of stable currencies in the country remains a focal point.
