Canada Allows Unlimited Trading Of Litecoin

The government of Canada has legalized the unrestricted and free trade of Litecoin (LTC) and three other digital currencies on crypto exchange platforms in the nation. This is a significant step forward for the Canadian cryptocurrency industry.

The upcoming split event, set for August 2, 2023, adds to Litecoin’s positive outlook. The block reward will be reduced from 12.5 LTC to 6.25 LTC in this, LTC’s third halving event. Although earlier halvings have frequently been associated with price increases due to limited supplies, it remains to be seen how the market is going to respond this time. So far, the price of Litecoin has surged considerably in recent days, despite a looming halving event.

A significant achievement was made by Litecoin as its price exceeded the $100 mark and rose to a 14-month high. A key factor accelerating the blockchain’s growth is the hash rate of LTC, which serves as a gauge of its processing power.

Furthermore, the Litecoin market has recently escaped regulatory scrutiny and a crackdown from the United States Securities and Exchange Commission (SEC). Although the Securities and Exchange Commission (SEC) has not expressly classified LTC, it has expressed worry about unregistered securities, particularly those based on the proof-of-work (PoW) method, such as Bitcoin and Litecoin. However, blockchain-based cryptocurrencies such as LTC are not included in this category.

The Canadian governmental body concerning industry and technology is recommending the creation of a national blockchain strategy that specifies the country’s regulatory stance and expresses support for the Crypto industry. The legislative committee also wants the Canadian government to establish a distinct legal framework for stablecoins that distinguishes them from other crypto assets, similar to the European Union’s Markets in Crypto Assets (MiCA), which recognizes stablecoins as a different asset class.

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