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Canada's central bank urges federal regulation of stablecoins to modernize payments and stay competitive globally.
The Bank of Canada is urging the federal government to consider regulating stablecoins to keep pace with global digital currency advancements and avoid falling behind.
Stablecoins, which maintain value by pegging to assets like the U.S. dollar, are growing in use and could offer faster, cheaper cross-border payments, but lack of regulation poses risks.
The BoC's Ron Morrow called for swift collaboration between federal and provincial authorities to modernize payment systems and ensure safety and security, noting Canada's current digital infrastructure lags behind nations like the U.K. and Australia.
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El banco central de Canadá insta a la regulación federal de las stablecoins para modernizar los pagos y mantenerse competitivo a nivel mundial.