The Bank of Canada calls for the establishment of a stablecoin regulatory framework in the country to modernize the payment system and avoid falling behind other countries that are advancing such policies.
"Even if you are on the right path, if you just sit there, you will be run over," said Ron Morrow, Executive Director of Payments, Regulation, and Oversight at the Bank of Canada, during a speech at the Chartered Professional Accountants conference held in Ottawa, Canada, which was published on the bank's website.
Morrow urged federal and provincial regulators to develop a policy framework for stablecoins. "Ultimately, for stablecoins to be seen as currency, they need to be as safe and stable as the balance in your bank account," Morrow stated, adding:
These comments come at a time referred to by many in the crypto industry as "stablecoin summer," which refers to the revival of stablecoins in the U.S. following the GENIUS Act, which paved the way for the widespread adoption of stablecoins.
In 2022, the Bank of Canada collaborated with the Massachusetts Institute of Technology (MIT) — a globally renowned research university focused on science and technology — to develop a central bank digital currency (CBDC).
However, in September 2024, the bank abandoned its CBDC plans to focus on other priorities, including the development of a real-time payment system that allows users to receive funds instantly.
The bank conducted a survey on Canadians' views regarding CBDCs and found that 42% of respondents had a positive attitude towards CBDCs, while 20% of respondents indicated that they "disliked" or even "hated" the idea.
CBDCs continue to be a controversial topic in the crypto community, with many participants stating that the technology is contrary to the values of open, permissionless finance. Critics of CBDCs also argue that these tokens could lead to a surveillance state.
Related: ASIC relaxes licensing rules for stablecoin distributors in Australia
Original article: “Bank of Canada Calls for Stablecoin Regulation Framework or Risk Being ‘Run Over’”
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