As Canada prepares for the upcoming federal election, one McMaster researcher is shedding some light on where politicians stand on digital currencies.
While this might not be the “crypto election” for most Canadians, Anwar Sheluchin, a PhD candidate in the Department of Political Science, believes how politicians engage with digital currencies will have a lasting impact.
“As Canada heads into the next federal election, it’s clear that digital currencies are becoming an increasingly important issue, even if they’re not front and centre for most voters,” explains Sheluchin. “The decisions made today will shape Canada’s digital currency landscape for years to come.”
Sheluchin’s newest project, CryptoCommons.ca, tracks statements made by federal politicians about digital currencies in the House of Commons. Through her research, she discovered a significant gap in the public’s understanding of crypto assets.
“Surveys have shown that many Canadians lack knowledge about digital currencies, and when they don’t have answers, they often turn to politicians for guidance,” she says. “That’s why I’m focused on making it easier for people to access clear, accurate information about where our leaders stand on this issue.”
Canada once led the way in crypto regulation, introducing reporting requirements early on and incorporating digital currencies into existing financial regulations. But Canada’s approach has largely stagnated as the conversation around digital currencies has quieted on the national stage.
Discussions around digital currencies are largely absent in the political sphere.
“There’s been very little meaningful debate about the future of digital currency in Canada. This is disappointing because decisions made now will influence everything from innovation and economic growth to consumer protection and financial stability,” she explains.
She plans to expand CryptoCommons.ca, incorporating data from parliamentary committee meetings and even diving deeper into relevant bills.
“These are complex issues that aren’t always easy to track. I want to make it as simple as possible for the average person to understand the policy landscape – essentially, a one-stop shop for all things related to digital currency policy.”
This work has become even more urgent as global developments – such as increasing support for digital currencies from U.S. President Donald Trump and growing interest in cryptocurrency from banks – could begin to have an impact on Canada’s economy.
“I think most people still see cryptocurrencies as a scam or a Ponzi scheme,” Sheluchin says. “They often don’t know the difference between Bitcoin, meme coins, Ethereum, and other digital currencies. To them, it’s all just ‘crypto’ – something they’ve heard of but don’t fully understand.”
As Canadians head to the polls, she hopes her project will make it easier for voters to understand the positions their politicians hold on digital currencies, and why it matters for Canada’s future.