person holding round gold-colored Bitcoin

How The Use Of Digital Currency Aided Canada

     During this epic time of a severe pandemic around the world, Canada closed all its borders and quarantined its citizens.  All Canadians were asked to go home and remain inside for the next two months!  This was to mean the closure of all businesses except those deemed essential services.  Not one employed individual was going to receive a paycheck to cover any monthly incurred debts.  Business owners were left standing still with inventory losses and feared the loss of many long time employees. It was not safe for children to attend school.  A stillness was heard around the Country as people waited in anticipation for the end of what was to become a very long standoff against a vicious virus.

     People were becoming restless and worried about impending rent and mortgage payments, utility bills, car payments, commercial property rents, and, more all becoming due within weeks.  All wondered how they were going to meet those demands for essentials like having access to necessary life-saving medical supplies and groceries to feed their families.  As Communities and the people living within each one stepped forward, they began to share what supplies they had with their fellow man. What a glorious sight to behold!  The angry had become happy; the mean had grown kind and, the greedy had donated all their excess! 

      Canadians received word that aid was soon to be forthcoming!  Business owners would be allocated funds to assist with their losses and also to pay wage increases for any who were operating as front line workers.  Students who owed huge student loans could not seek employment to offset those debts. So they, and newly Graduating Students would have access to separate funds. Anyone who lost their source of income affecting their occupation due to this virus could now seek compensation.  ALL those citizens needed funds at the SAME time and QUICKLY!  How could the Canadian Government get funds dispersed in a manner that could be expedited immediately through a secure environment?.  

      The Government of Canada decided to aid all citizens using an ingenious group procedure that would involve digital currency use.  By implementing this technique, the Government hoped to prove to Canadians how easily and quickly they could get those funds into the hands of the people and business owners.  Citizens received funds within days by filling out and submitting an online form to their Government. There was to be one marked difference unlike any other in the past.  There were zero banks open or accessible to the public sector.  Every citizen would need to use an ATM to access those funds. Any digital transaction taking place within the centralized network would be reported to Government agencies and taxable at year’s end.

Using Digital Currency had worked remarkably well to show how easily Canadians have adopted and adapted to its use within their borders.  Without digital currency, it would have taken much longer for the Country to begin to recover.  Many more people would have suffered during that time as they awaited those funds.  Mom and Pop businesses would not have been able to sustain themselves and would have been lost forever!  

     Now just imagine how swiftly all could have been accomplished if Bitcoin and the decentralized network had been used!   As they move forward into this renewed future, Canada will be a leader to watch in their ongoing acceptance and implementation of the cryptocurrency industry.

About the author

Laurie St. John had been working online for years and loves to write about cryptocurrency, tokens, and anything relevant to fintech.

Comments

  1. Well Laurie know about Canada situation, the whole world is affected by this pandemic at the moment, and just like Canada, people in every country have done a lot of charity for their people. But the best thing about the Canadian government there is that people can use digital currency and this is a very good thing for Canadian citizens, digital currency should be made easily available all over the world.

  2. very good information in your blog Laurie — and I was curious in hearing some of the details of how canada was dealing with the virus pandemic — it is literally more involvement by politicians than I would like but thats just me — if it helped your fellow countrymen then it worked — if it turned into politics as usual like here in America then it did not work in my opinion — however the use of digital and crypto currencies is so very close to being a very prominent part in everyday life globally also just my opinion —

  3. Good for Canada and for the citizens of Canada. The Philippines have done much the same and are still doing it as we are still on lockdown. In fact, my family and I have just come out of quarantine as one person in our complex has Covid19. We are fine and are very thankful for that. The Philippines are very fortunate to have a government that is crypto-friendly. And we are all very lucky to have Compumatrix!

  4. Reading between the line, I would say we are well on our way to make a paradigm shift. The way we view money has been altered forever. With governments following the events of the cryptocurrency world, opportunities arise for new solutions. Canada stepped up to make things happen that could not have happened 10 years ago.

  5. Great blog post, Laurie….as a fellow Canadian I can attest in the swiftness of receiving the government funds in our bank account. When sending monies around the world, it should only take a click on the keyboard; whereas, with the Swift system it can take days. Rumors say that a new system will be in place backed by gold that will replace the antiquated ways being used now. Who knows….but things can change for the better!

  6. Thank you for sharing this information, Laurie. It is refreshing to hear that digital fiat currency is being used successfully in Canada to quickly get relief funds into the hands of the people! It’s certainly a superior distribution method when compared to paper checks being sent by snail mail. That is an interesting twist where ATMs became part of the solution. The most important thing is that it worked and people received the money they sorely needed, quickly.

  7. The way the world was hit by this mortal pandemic crisis, governments had to implied economic measures to ensure that the country would not fall into worse status.
    Costa Rica’s economic situation was in a bad situation before this pandemic grip. The lockdown and shutting of commerce, especially tourism major economic income have brought unemployment up to 20 %.
    The sad part is that everything is political and different parties fight over who fault is it and what to do.
    Compumatrix can fix this

  8. Laurie, Your article is enlightening to how another country has handled this medical crisis. Thank God your government closed all its borders. All borders should be closed to any enemy or pandemic of the magnitude that the COVID-19 is reported to be. As you state in your article about the disbursement of digital funds to its citizens in a timely matter, I am sure it was appreciated. I think many people and the government’s eyes are being opened to the great need for cryptocurrencies opening up for the whole world. We have read and heard rumors about this for years. I would say it is time.

  9. What a timely blog. This gets me extremely excited knowing that we are right where we are supposed to be. Being in an industry that is quickly evolving into something that can not only benefit us, but can also bring people together and help people benefit others. what a great story for the Canadians I hope others will learn from this experience.

  10. As the saying goes, ‘never let a good crisis go to waste’. I found it a very interesting expose of the Canadian government ushering in digital and at the same time educated their populace through ‘this crisis’ that digital is the wave of the future. Brilliant move on their part. Canadians were able to see that this ‘new’ currency was stable, efficient and reliable!

  11. Covid-19 has brought about many changes worldwide. Canada has done well to implement the use of digital currency. Quick and practical solutions came through for Canadians. Well done!
    All of us in Compumatrix are on the right path. Cryptocurrency is the future and Compumatrix is our saviour.

  12. This article stayed on my mind as I found myself thinking about it several times throughout the day today. I think that was because I had not commented on the thing that was most interesting to me. As difficult as it has been to do, Canada has done a very good job of dealing with the spread of the terrible Covid-19 virus!

  13. The USA did something very similar and call it stimulus checks and we are in a debate to receive a 2nd check but this one will be for very low income if it passes. The bill is for 2 trillion dollars and I heard one of the reporters ask the treasury, how are we ever going to pay that back and where is this money coming from? Shocking was the answer from the treasurer, she said we are creating digital currency and you won’t have to pay it back. So the shift has definitely started.

  14. Although this global pandemic is a tragic situation, at least this event is showing the world how easy it is to use digital currency as a means of transaction. Though the digital currency we and the rest of the country are using for the transactions is centralized, it is still a step in the right direction toward eventually using decentralized cryptocurrencies as a means of transactions.

  15. Great article Laurie, I find it very interesting to hear what other countries are doing to cope with COVID-19, especially a country so close to mine as I’m in the US. I had no idea Canada used digital currency to pay their citizens, what a great way to handle to situation and for people to experience digital.
    Thanks for your comments also Timothy, I was wondering how the US was to pay back the enormous stimulus checks paid out, first I’ve heard they are creating digital currency to cover the expense, how exciting!

  16. Laurie great article about how Canadian govt.handled the very tricky question of getting money to its citizens in a timely fashion by adopting Digital Currency.The disruption caused by Covid19 is being felt all over the planet and not many citizens of different countries are getting the aid that Canadian government has so very wisely provided at this tedious and gruesome time of the hellish thing of a Pandemic

  17. Thanks, Laurie for your blog. I was happy to learn of Canada’s approach of getting funds to all Canadian citizens. The solution seems to have worked well and hopefully other countries will learn from Canada’s approach. Being a ‘first generation by descent’ Canadian but still a US citizen, while in process to obtain my Canadian citizenship it gladdens me to learn more regarding Canada’s more enlightened solution than my birth country. 

  18. Great story Laurie and Thank you. I had no idea Canada was going through that. I know its been crazy in the states but using digital currencies is fabulous. The ball is rolling for you all. Great news. I’ve seen signs saying they are low on coins so we’ll see what happens here.

  19. this is a great story and read and the truth of the virus issues on a global basis –and as in most all facets of life when you study and seek a solution to very perplexing problem often times there is or are many different and effective solutions to that issue —

Leave a Reply

Your email address will not be published. Required fields are marked *