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.