In March 2014, the Senate Banking Committee embarked on a study of digital currencies. While study was on “digital currencies” in general, many witnesses spoke specifically about cryptocurrencies, digital currencies that rely on encryption. Bitcoin was the cryptocurrency that was mentioned most often.
Public hearings in Ottawa and a fact-finding trip in New York City allowed committee members to explore the potential of digital currencies, and to learn about the opportunities, risks and challenges that come with them.
*Please note that as of July 31, 2022, the name of the Senate Committee on Banking, Trade and Commerce was changed to the Senate Committee on Banking, Commerce and the Economy. More information about this change can be found here.