Oil-Rich Canadian Province Alberta Aims To Become Crypto Hub

Oil-rich Canadian province Alberta wants to promote innovation in the financial services sector and attract investment in emerging technology such as cryptocurrencies.

Alberta has shown a keen interest in becoming a North American hub for companies trading in and offering services related to digital assets including Bitcoin, Ethereum, Dogecoin and others.

In a recent interview, Alberta's Jobs Minister Doug Schweitzer said, “It’s (the plan of embracing digital assets) still very much in its infancy in Alberta. But I think there’s an opportunity for Alberta to play a leadership role in Canada by creating a home for these venture companies.”

This comes a month after Alberta’s United Conservative Party government revealed plans to table legislation aimed at “promoting innovation” in the financial services sector.

The main aim is to strengthen Canada’s largest oil-producing province to attract investment in emerging technology such as cryptocurrencies.

Cryptocurrencies are gaining attraction within the Canadian financial landscape. As for Alberta, the province welcomed many Bitcoin miners after the mass exodus from China.

Besides crypto, Canada has also been looking into CBDC (central bank digital currency). The bank of Canada teamed up with the Massachusetts Institute of Technology (MIT) to conduct a 12-month research project on CBDCs.