Dear Senator,
Recently I revisited to a greater extent than or less recordings of the Senate hearings on Digital Currency from 2014-10-02. I appreciate the unwrap of really insightful questions yous lead keep raised to the panel - it was a pleasance hearing both them as well as the answers to them.
During the hearing yous brought upward the fact that Canada Post holds a banking concern charter inward Canada, as well as that the fellowship is inward take away of extra revenue stream. I would similar to address to a greater extent than or less of the possibilities that this fact brings to both the footing of Bitcoin-related companies inward Canada, every bit good every bit the wider Canadian population every bit a whole.
In the modern world, at that spot are a unwrap of technologies as well as services that lead keep emerged inward the recent years that are essential inward everyday lives. Many people would count access to the Internet every bit good every bit banking to hold upward amid them. I volition acquire out the word of the erstwhile as well as focus on the latter.
Efficient banking every bit good every bit access to digital payment methods is needed for virtually every line organisation as well as is prevalent inward personal lives of many people. However, every bit was illustrated multiple times inward the hearing by Michael Perklin, all of the banks are individual companies as well as lead keep the correct to turn down line organisation to anyone they select without whatsoever legal reason. This employment is non unique to the Bitcoin footing - at that spot are a lot of banks that discriminate against people amongst miserable credit scores or dealing inward "taboo" businesses. Such people essentially cash inward one's chips
"unbankable" - unable to lead keep component subdivision inward the modern economic scheme that is largely driven past times online purchases as well as digital payments.
If the Canadian Government decided to address this final result past times offering fifty-fifty the most basic banking services through Canada Post indiscriminately to anyone inward Canada, it would non solely assistance the Bitcoin businesses, simply also many of the disenfranchised people living inward our Country.
I know Canada is quite opened upward to innovation.
The erstwhile MintChip projection past times Canadian Mint, or the perhaps hereafter
project of Bank of Canada are a clear indicator that the Canadian Government is interested inward the digital currency space. I produce believe that no affair which administration projects similar these go, Canada Post volition hold upward playing an integral role.
The electrical flow "Big Five" banks concur well-nigh
920 to 3'330 branches each inward Canada, spell
Canada Post has over 6'000 shipping offices. Similarly, a lot of those offices are opened upward for twelve or to a greater extent than hours per day, spell a unwrap of banking concern branches are opened upward for less than 8 hours per day. As such, Canada Post is an ideal solution for money deposits as well as withdrawals, every bit good every bit everything else that is needed (performing identity verification for example) - the shipping offices should hold upward accessible to every citizen.
There are of class many other services Canada Post could offering to assistance amongst payments, such every bit delivering money direct to the recipient's nearest shipping component subdivision (as is the representative amongst
Money Orders), or perhaps fifty-fifty direct to their abode address.
However, from what I learned talking amongst a few Bitcoin businesses that require efficient, traditional banking for the nub of their business, all that matters to them is to hold upward able to have money from their customers, hold upward able to pay their suppliers efficiently, lead keep confidence that their banking concern line organisation human relationship won't acquire close down, as well as lead keep all of this at an affordable rate.
Even this picayune is every bit good much for a lot of banks. I lead keep done to a greater extent than or less enquiry on international banking for Bitcoin businesses as well as I lead keep seen Canadian companies banking inward Czech Republic, or companies from USA banking inward Republic of Malta non because these banks are the best, simply because they can't opened upward a local banking concern account.
As such, I am grateful to yous Senator for bringing this final result upward as well as I rest hopeful that the hereafter volition reach us a to a greater extent than inclusive banking system, whether it is
in Canadian Dollars, or Bitcoin. I am opened upward to whatsoever follow-up discussion, questions or full general consulting yous or anyone else from the Canadian Government powerfulness have.
Sincerely yours,
Piotr Piasecki.
