Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
The adoption of blockchain technology seems to be increasing in Asian regions as a response to growing security issues as a result of the Coronavirus pandemic.
According to a report from the Nikkei Asian Review, businesses and organisations are seeing a large-scale transformation towards blockchain use in order to protect against fraud and scamming activity. The report notes:
“According to The Business Research Company, the global blockchain market is expected to hit $15.88 billion in 2023 despite retreating 7.27% to $2.27 billion in 2020 — potential annual growth of over 91%.”
Senior manager of security firm PwC Consulting Tomohiro Maruyama commented on this, saying that companies should look to adopt blockchain technology to avoid running into security problems related to numerous activity, from data to business meetings. He offered that “more companies should adopt blockchain after the pandemic.”
Blockchain Ideal To Combat Counterfeit
Maruyama told Nikkei Asian Review that he sees blockchain as the solution to combat digital counterfeiting, saying:
“Internet piracy has posed a major challenge for companies as they look to digitize operations. Blockchain emerged as a solution for fighting digital counterfeits, pushing businesses to adopt the technology.”
As more users and companies have been forced to accelerate a transition towards the Internet, scammers, hackers and fraudsters have taken advantage of this. This means that an accelerated means to protect data and finances is necessary.
Kenta Akutsu, CEO of LasTrust advocates for blockchain to protect against fraudulent attempts and fake documentation, saying that security needs have increased since the outbreak of the Coronavirus:
“We’ve received lots of inquiries since the coronavirus outbreak. Even before the outbreak, universities were looking to digitize, but the pandemic forced them to move quickly. While PDF and JPG documents are easy to fake, blockchain promises tamper-proof records.”
Increased Blockchain Use A Positive To Bitcoin Adoption
If blockchain technology increases across industries, it spells positive news for the cryptocurrency and digital finance as a whole. The more awareness of the benefits of blockchain gained, it’s very plausible that more individuals will start to see the perks of Bitcoin and other blockchain-based currencies.