Alberta’s UCP government is aiming to make it a global leader in the emerging financial technology — ‘fin-tech’ — space with a three pronged approach aimed at guiding future policy decisions.Speaking at the Canadian Blockchain Consortium trade mission in Calgary last week, Service Alberta and Red Tape Reduction Minister Dale Nally gave a glimpse into the government’s so-called ‘crypto roadmap’ to attract hundreds of million in new investment and essentially build a whole new industry.As part of the effort, the Alberta government will be introducing new privacy protections to help support the roadmap later this fall.The benefits will be increased confidence, security and autonomy over their finances, he said..“They can't stop that currency. They can't manipulate that currency. They can't stop payments. They can't interfere in any way. And that's what makes it a freedom currency.”Red Tape Reduction Minister Dale Nally.“They can't stop that currency,” Nally said. “They can't manipulate that currency. They can't stop payments. They can't interfere in any way. And that's what makes it a freedom currency. And that's why it's such a natural fit for Alberta because as I told you last time, we are the greatest freedom loving jurisdiction in Canada, and having the freedom currency in here just makes sense.”The first pillar in the strategy is to create a “desirable” financial space for the industry to expand, including a legal classification for crypto to allow government support for the use of cryptocurrencies such as Bitcoin.Beyond taxes and regulatory frameworks, that involves mundane things like insurance and financial services akin to banking, brokerages and exchanges.The second pillar is a ‘mining’ strategy aimed at utilizing Alberta’s abundant energy resources. That’s because crypto mining converts unused energy to run massive data centres performing complex mathematical calculations..It can be anything from renewable energy sources like wind and solar to stranded oil and natural gas wells. Mining can take advantage of the arbitrage in electricity prices — buying power at discount rates during off-peak periods — to generating power and selling excess back into the grid when it is needed most. Companies also have an opportunity to collect and monetize clean energy credits while they’re at it.The third pillar will explore if there are opportunities for government to support the use of the blockchain technology other than for crypto mining, both within government and in the private sector. That could mean anything from developing registries, AI and other systems to take advantage of blockchain authentication protocols to save Albertans money to actually holding crypto on the books or even in the Heritage Fund.For instance, transferring land titles could become almost instantaneous without the need for expensive lawyers and notaries..Innovation Minister Nate Glubish said in a separate presentation streamlining such systems could save potentially tens of millions of dollars per year — nobody knows exactly how much because it hasn’t been tested.Nally also lent his support to the unveiling of ‘Stand With Crypto’ a grass-roots lobbying movement aimed at lobbying government for supportive policies.The movement, led by US brokerage Coinbase — which has also expanded into Canada — has been credited with influencing policies in several American states and the Congress to formulate what it calls “sensible” rules governing cryptocurrencies.About 52 million Americans and 5 million Canadians own crypto “and yet crypto’s future remains uncertain,” according to its web site.“And I have to tell you, as a grassroots movement right to champion crypto, we are so delighted to announce… it's making it's making a real difference,” said Tom Gordon, Coinbase’s vice-president of international policy.
