Thank you. That's great.
I have to confess that to this point, in my head or in my observations, if you will, there have been a lot of contradicting elements to it. There is a lot of uncertainty with this technology. We heard honourable members talk about how people in some countries don't even have bank accounts, so they might benefit from this technology going forward. In my head I'm thinking you need Internet; you need some sort of digital platform to run these blockchains and some basic understanding so you will have the confidence and the trust in this system compared to in the traditional tool for trading, which is cash or foreign currency.
There are a lot of contradicting parts to what we are talking about today. What I'm very concerned about is what you said about tokenizing U.S. dollars. I say “U.S. dollars” because that is the currency of trade. The U.S. Federal Reserve has had enormous power in the last decades in terms of who gets to move what around the world. Decentralizing is going to stand up to that structure, for good or for bad. I don't know if Canada is going to benefit, because we're so close to the U.S. that our economies are tied.
I just want to collect your thoughts on this.
First, would this present opportunities for Canada, a medium-power country, to be part of that conversation in the next frontier of determining the currency or the tool used in trade? Ultimately, that kind of sets the allocation of resources on the planet.
Do you not think large countries like China or the United States will come up with their own public fund-backed currency to own this piece of the market share to continue dominating in the decision of who gets what around the world?
I want to get your thoughts on this.