The Minister of Employment, Economy and Innovation of the Canadian province of Alberta, Doug Schweitzer, is going to make it an international center for the development of mining and cryptocurrencies.
In a recent interview, Doug Schweitzer stated that the province of Alberta is rich in oil resources that can be used for the benefit of the cryptocurrency industry. Thanks to the province’s abundance of natural gas, its electricity market and offsetting greenhouse gas emissions allowances, Alberta could create a favorable environment for mining firms to operate, Schweitzer believes.
The minister called cryptocurrency mining a “revolutionary industry” and announced his readiness to develop it. The rest of Canada’s provinces are less interested, Schweitzer said, but the Alberta administration is ready to create a “regulatory sandbox” that will make it easier for data centers and miners in the province.
He noted that this would allow the province’s economy to diversify to reduce its dependence on the volatile oil and gas sector, especially as some market participants began to move away from fossil fuels. Many crypto-related firms have already relocated to Alberta, including Blockchain Guru, Terraform and Bitcoin Well. In addition to miners, Alberta intends to attract specialists in blockchain and cryptocurrencies.
“We are ready for an international race for technical talent. If you take a closer look at the space of cryptocurrencies and decentralized finance, you can understand that these industries will never disappear,” Schweitzer said.
Recently, the head of the investment company Wealthsimple Michael Katchen (Michael Katchen) said that Canada is working on attracting cryptocurrency projects to the country, and for this it remains only to work out the regulation of the industry.
