Industry committee  I would like to add to Andrew's point there. There was a country in Africa that ended up doing land titles on blockchain. Their current speed of doing it was maybe being able to produce 50 per year. When you go into third world countries where people don't specifically have a paper deed or proof, but they've been sitting on that land for multiple generations, based on the fact that they don't have a deed or proof of ownership of that land outside of the fact that generations have been there, a lot of people are not able to get access to traditional banking, and they not able to get access to loans.

Industry committee  I would take that to the potential with cryptocurrency. We did see, back in 2017, when lots of initial coin offerings were entering the market, that a lot of people were being unfortunately scammed, being given false ideals on what they were going to get for returns, and taking monies from a market they shouldn't have had access to—basically mostly illegal crowdfunding.

Industry committee  Thank you. I'm co-founding the Canadian Blockchain Association for Women with Alexis Pappas, currently the chief innovation officer with GuildOne; with Janine Moir, who's the national blockchain assurance leader at Deloitte; and with Pamela Draper, who is the CEO of Bitvo. Our goal was to make sure that we had gender parity within the space.

Industry committee  Yes.

Industry committee  I'm sorry. I may need slightly more clarification on that. Is it in terms of legislation around how blockchain supports...? Are we talking about inflation? Are we asking for that in the cryptocurrency space, or talking about the—

Industry committee  A good step would have possibly been Bill C-249, if that's what it was called. It's just being able to start opening up the dialogue around this industry, and these conversations and topics—to have better education, directly from our industry to government, so we can be part of supporting any legislation or bills coming into place for the industry.

Industry committee  Everything outside of Bitcoin I would consider high risk.

Industry committee  Absolutely. We definitely need better coordination. It would have been highly valuable to many members of our organization and to the industry as a whole for a bill like that to have passed to enable us to start having that dialogue. Luckily, that dialogue is currently happening with regulators and industry.

Industry committee  There is energy consumption required for Bitcoin mining. The importance of it is that Bitcoin is considered by many, in our group and others, as a form of sound money. It's considered potentially the soundest money the world has ever seen. Utilizing the energy to produce Bitcoin....

Industry committee  The Canadian Blockchain Consortium is my volunteer role. I've been volunteering here since 2016. My day job is designing combustion heating systems. I've partnered with the Edmonton International Airport to design for them new ground service heating equipment that reduces emissions by 72%.

Industry committee  When it comes directly to heating up an aircraft, yes. Currently, anything above the 49th parallel gets quite cold, and it's very expensive and requires a fair bit of jet fuel as well as diesel fuel to heat an aircraft. The number one reason for heating is to make sure the water lines don't freeze and the pipes don't burst.

Industry committee  I would strongly encourage government and regulator engagement with our industry. I know that our industry is very eager to engage with our government for that one. The reason companies or individuals will go towards the centralized exchanges is based on not being able to access the basic business needs that this industry requires.

Industry committee  I would like to start by saying that FTX is fraudulent. They don't represent the Canadian cryptocurrency industry. They don't represent any of the exchanges we currently have in Canada. They had poor governance and were fraudulent from the get-go. It would be good to separate that there are fraudulent entities such as Enron, as you stated, out there, and then there are good actors working towards clear regulation.

Industry committee  Honourable members, thank you for having me here today. My name is Koleya Karringten and I am the executive director of the Canadian Blockchain Consortium. The consortium is now the largest and most active industry association in Canada, representing over 70 corporate members that span from coast to coast.

Industry committee  I'm sorry. I apologize. First would be financial inclusion. There are close to eight million Canadians whom the banking industry considers to be non-prime, meaning they cannot access credit via the larger institutions. Our members provide ways for the unbanked to save, access credit, and also send their money via remittances cheaply, securely and quickly.