Canada launches consultations on cryptocurrencies and stablecoins

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The Canadian authorities announced the start of consultations on cryptocurrencies, stablecoins and digital currencies of the Central Bank – experts will study the possible risks associated with crypto assets and make their proposals on the budget.

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The federal government of Canada made the announcement in its 2022 Fall Economic Report. According to the document, the development of the cryptocurrency industry is transforming financial systems around the world, so the regulation of the country’s financial system must keep pace with new technologies.

In addition, the digitalization of money is challenging democratic institutions around the world – cryptocurrencies are being used to circumvent sanctions and finance illegal activities. Therefore, the Canadian government is considering introducing digital assets into the country’s budget for 2023.

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Stakeholder consultations on cryptocurrencies, stablecoins and central bank digital currencies (CBDCs) began yesterday, November 3rd. However, officials do not specify which of the interested parties will be involved in the discussions.

The consultations themselves are part of a larger initiative announced in April. The country’s authorities intend to study the potential benefits of the Central Bank’s digital currency for the Canadian economy, taking into account all the risks that cryptocurrencies pose for it.

Earlier, the Ontario Securities Commission (OSC) published a report stating that more than 30% of Canadians plan to buy crypto assets in the near future. At the same time, the regulator sees no need to oppose their intentions.

Source: Bits

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