Canadian Senate Committee to Look into Bitcoin ATMs

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Canadian Senate Committee to Look into Bitcoin ATMs
Canadian Senate Committee to Look into Bitcoin ATMs

Canadian Senate Committee to Look into Bitcoin ATMs

So that Canada’s government has a broader understanding about Bitcoin, the Bitcoin Strategy Group, BitAccess and CAVirtEx coordinated with the senators on 9th April to demonstrate how Bitcoin is purchased and stored. On the other hand, the Canadian Senate heard from the Bank of Canada, the Department of Finance, economic historians and other academics as well.

A lot of discussion is going on in Canadian Senate’s Standing Committee on Banking, Trade and Commerce’s study on the use of digital currency. Today, the committee is expected to hear directly from the Royal Bank of Canada, the Canadian Bankers’ Association and the Canadian Payments Association. The development will clear the stand of the government to a great extent.

BitAccess to Demonstrate Various Features and Functions of Bitcoin ATM

To gain support from the government, developers of BitAccess, a Canadian Bitcoin ATM, are demonstrating the kiosk’s various functions and features and reportedly assisting Conservative Senator Irving Gerstein in acquiring some Bitcoins. The demonstration will be done in front of the Canadian Senate Standing Committee.
According to Haseeb Awan who co-founded the one-year-old Ottawa, Ontario-based

Bitcoin startup the effort is to provide elaborate information through demonstration so that senators understand the Bitcoin transaction process. In his demonstration Mr. Awan will highlight the benefits of these kinds of machines.

Haseeb Awan believes that it is essential for lawmakers to understand Bitcoin before they begin actual regulation and for that he will be educating them as they are still unaware of the digital currency. According to the local sources this will reportedly be the company’s very first international showcase of its third generation BTC ATM.

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The Ambitious Project to Help the Acceptance and Expansion of Bitcoin

The ambitious project is being appreciated a lot these days by all segments of Bitcoin supporters as they think that the Senate’s 18-month study entitled “Risks, Advantages and Promises of Digital Currency” will help develop a consensus. A consensus on Bitcoin regulation will help the overall growth and acceptance of Bitcoin.

According to Mr. Awan the Bitcoin industry will flourish with regulations in place, however everyone involved in the process needs to understand the protocol and implementations in detail before regulating it.

This is not the first of its kind that is happening as similar steps were taken in the US wherein Robocoin displayed its Bitcoin ATM on Capitol Hill at the Rayburn House Office Building.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com