Canada: Les bitcoins et les chaînes de blocs : les conséquences pour les services financiers

Last Updated: July 20 2017
Article by Koker Christensen and Jeff Dennis

Au cours de la dernière année, les bitcoins et les chaînes de blocs ont largement retenu l'attention, et nombreux sont ceux qui se questionnent sur la portée éventuelle de l'application de ces nouvelles technologies. Les chaînes de bloc consistent en une variété de technologies qui fonctionnent de concert pour créer une base de données contenant des blocs de données. Reliés entre eux par cryptage, ces blocs fournissent un cadre pour les devises numériques, telles que les bitcoins, permettant la réalisation d'opérations sécurisées en ligne.

Depuis les trois dernières années, plus d'un milliard de dollars ont été investis dans les technologies de chaînes de blocs. Selon un rapport de Magister Advisors (uniquement disponible en Anglais), un autre milliard de dollars sera investi dans les chaînes de blocs en 2017.

Les chaînes de blocs conviennent davantage aux environnements dans lesquels l'information est partagée, lorsque les parties se méfient l'une l'autre ou que l'identité de l'une et de l'autre doit être validée. Dans ce contexte, le texte qui suit porte sur les aspects des services financiers susceptibles d'être touchés par le développement de la technologie des chaînes de blocs.

1. Paiements et compensation- Le traitement des opérations est susceptible de changer de façon importante les marchés financiers. Les chaînes de blocs et les devises numériques rendent possible l'élimination de certains éléments de méfiance dans le cadre des opérations (c.-à-d. les intermédiaires). Cela simplifie le processus de compensation et modifiera le rôle des intermédiaires. Les répercussions toucheront probablement une large gamme d'opérations, dont les conventions d'entiercement et les simples virements bancaires, puisque les chaînes de blocs permettent aux utilisateurs de mettre en place un vaste éventail de mécanismes de validation. Cela pourrait avoir des conséquences importantes sur les systèmes bancaires et de paiement. Par exemple, la Banque du Canada a lancé un projet visant à « démontrer la faisabilité d'un système interbancaire de paiement de gros montants au moyen de la technologie de registre distribué. »

2. Marché de capitaux - Étant donné que la technologie de chaîne de blocs permet le transfert plus efficace de fonds, le flux du capital risque de changer également. Jusqu'à présent, le changement le plus important s'est manifesté dans le domaine du financement collectif. La souscription en cryptomonnaie (Initial Coin Offering) est un moyen unique de financement de projets. Une des levées de fonds en cryptomonnaie les plus réussies au Canada a entraîné la création d'Ethereum, une plateforme décentralisée de contrats intelligents au moyen de chaînes de blocs. Il est probable que l'accès au capital et au soutien financier par les entreprises canadiennes continue d'évoluer, surtout en ce qui concerne les entreprises en démarrage. En outre, de nouveaux instruments financiers uniques pourraient émerger. Par exemple, aux États-Unis, la création d'un mode de transfert électronique de bitcoins a été proposée.

3. Opérations - Une des applications pratiques les plus importantes de la technologie des chaînes de blocs dans l'industrie des services financiers se situe dans le domaine des services administratifs et des opérations internes telles que le rapprochement et les processus de compensation. On s'attend à ce que ces applications internes et administratives des chaînes de blocs soient celles dans lesquelles les grandes institutions financières investiront le plus initialement. De façon générale, les chaînes de blocs devraient améliorer les processus bancaires internes tels que le rapprochement et la connaissance du client.

4. Devises - Dans les prochaines années, les chaînes de blocs et les devises numériques changeront fort probablement la façon dont les parties transigent entre elles. Il a été soulevé que le gouvernement du Canada sortira probablement un dollar canadien numérique dans les années à venir. La Monnaie royale canadienne a déjà publié sa version connue sous le nom de Cybermonnaie. La Banque du Canada a annoncé, lors d'une séance médiatique à huis clos, dans le cadre de la conférence Panorama paiement 2016, qu'elle avait mis à l'essai la plateforme de règlement de registre distribué Jasper. Dans le cadre de ce projet, le concept de dollar numérique nommé « CAD-COIN » a été proposé. Le Canada se retrouve donc dans une position unique en matière de développement des chaînes de blocs, comparativement à d'autres pays, car son gouvernement explore activement les méthodes d'application de cette technologie.

Le gouvernement fédéral se penche également sur les conséquences de cette technologie sur le plan législatif. En mars 2014, le Comité permanent sur les Banques du Sénat du Canada a entrepris une étude sur les devises numériques à l'issue de laquelle il a rendu public son rapport en juin 2015. Dans l'ensemble, cette technologie pourrait avoir des conséquences sur de nombreux régimes législatifs qui devront être modifiés pour inclure cette technologie. En particulier, les législations relatives à la lutte contre le blanchiment d'argent, aux valeurs mobilières et à la fiscalité devront être modifiées. Toutefois, au fur et à mesure que ce domaine du droit se développera, il est probable que d'autres domaines du droit, tels que la protection du consommateur de même les principes de base du droit contractuel soient touchés.

Visitez le site us.fasken.com pour télécharger l'édition de 2017 du guide « Faire des affaires au Canada » et pour découvrir d'autres outils pertinents sur des enjeux actuels ayant des répercussions sur vos activités commerciales au Canada.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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