Ron Morrow from the Bank of Canada urges that establishing a stablecoin regulatory framework is essential for modernizing payment systems and ensuring Canada remains competitive on a global scale.
Morrow warns that inaction could leave Canada behind, as various jurisdictions are advancing their regulations for cryptocurrencies, reflecting the urgent need for regulatory measures.
He emphasizes that stablecoins must be as secure as traditional bank balances, allowing consumers to benefit without risking their financial stability.
Many countries are already implementing regulations, and Canada must act swiftly to not miss the advantages of these advancements in stablecoin technology.
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