Canada to Consult on Crypto, Stablecoins and CBDCs

Canada to Consult on Crypto, Stablecoins and CBDCs

The Canadian government is looking to conduct a consultation process on cryptocurrencies, stablecoins and central bank digital currencies (CBDCs) in line with the country’s current budget plans.

The 2022 Fall Economic Statement, which includes relevant information, was presented by Deputy Prime Minister Chrystia Freeland yesterday, 3 November, and is a one-of-a-kind interim report of the annual budget.

in short budget report There is a short section on “digitization of money” which lays out the state’s plan regarding crypto.

It says here that the conquest of cryptocurrencies and the digitization of money “is transforming the financial system of Canada and the entire world” and that the country’s regulation must “keep pace” with these developments.

Digitization of money “will present a challenge to democratic institutions around the world”. In this context, the use of cryptocurrencies to circumvent sanctions and finance illegal activities is cited as an example.

Therefore, the budget calls on the Government of Canada to consult with stakeholders in the cryptocurrency, stablecoins and CBDC space beginning November 3.

The consultation process is intended to be part of a “review of regulation of the financial sector to digitize money and maintain financial stability and security”, which was originally adopted with the 2022 budget on 7 April.

The review will also examine whether Canada has a “potential need” for its own central bank digital currency.

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