Does Jean-Denis Garon Support Crypto?

The bill is about cryptoassets, cryptocurrencies and virtual currencies. It is truly fascinating because it covers extremely innovative technologies that are being adopted by the more formal economy.

There is a host of risks for consumers. I like that the title of the bill refers to cryptoassets. We have stopped calling it “cryptocurrency” because it is not really currency and it does not play the same role as currency. It will therefore not replace currency.

We therefore think that it might not be a constructive use of parliamentarians' time to send this bill to be studied in committee. For these reasons, the Bloc Québécois will very likely not be able to support the principle of this bill.

As my colleague from Lac-Saint-Jean said earlier, the Toronto police have also indicated that cryptocurrencies in general are problematic. They are known to be a money laundering tool that can facilitate criminal transactions, such as the sale of narcotics and guns, and that is certainly what has materialized.

Bill C-249 is basically a bill that promotes cryptocurrencies. One of its main objectives is to ensure the growth of cryptocurrencies. This is one of the fastest-growing sectors, and the market is already doing the work on its own. It is not like Alberta's oil. We do not need public money for it. The industry is self-sustaining.

Cryptocurrency also functions as a medium of exchange, but it is a very decentralized medium that can, as I said earlier, facilitate criminal transactions, under-the-table transactions and many others.

I do want us to talk about cryptocurrencies. I want us to analyze the sector and consider the state's role and the need for regulation, but this is not a great start. To me, Bill C‑249 sounds like an ad for cryptocurrencies.

Consider the Vancouver police, for example. It does not get much more hands-on than those folks. They believe that cryptocurrency ATMs are being used as conduits to move the proceeds of crime. That worries me. The lack of regulations in this area worries me.

The member for Calgary Nose Hill was saying that although this is true, any payment method can be used for the same purpose. However, there are varying degrees of ease. Person-to-person transactions without intermediaries and without state regulation make things easier. I am very surprised that Bill C-249, without any hint of a regulatory proposal, comes from the law and order party.

Currency is a store of value. Its purpose is to retain value. However, cryptoassets are assets that fluctuate tremendously based on factors such as speculation.