““Even if you are on the right track, you will be crushed if you stay there.” This statement by Ron Morrou, the Executive Director of Payments, Supervision and Control of the Bank of Canada, sounds like a warning for Canada. Indeed, although the country has abandoned its plans for CBDC, steiblcoins are experiencing a real boom. In this context, the Bank of Canada calls for a regulatory database for […]”, – WRITE: Businessua.com.ua
“Even if you are on the right track, you will be crushed if you stay there.” This statement by Ron Morrou, the Executive Director of Payments, Supervision and Control of the Bank of Canada, sounds like a warning for Canada. Indeed, although the country has abandoned its plans for CBDC, steiblcoins are experiencing a real boom. In this context, the Bank of Canada calls for the creation of a regulatory base for these stable cryptocurrencies.
The key points of this article:
- Canada’s Bank has abandoned its plans for digital Central bank currencies, but steiblcoins demonstrate extraordinary growth.
- Ron Morrou called for the urgent creation of a regulatory base for steiblcoins, emphasizing their potential in the modernization of the Canadian payment system.
Legislative Database During the conference, Ron Morrou emphasized the urgent need to modernize his payment system. According to him, steiblcoins can play a key role in this modernization. However, in order to be considered money, they must be as safe and stable as a bank account balance.
“In the end, to be considered money, they must be as safe and stable as the balance of your bank account (…). Governments are working to regulate steiblcoins and other cryptocurrencies so that consumers can benefit and be protected from credit risks and liquidity risks. In fact, many jurisdictions of the world already have or will soon have a regulatory framework for crypto assets. ”
Morrou also noted that many countries have already introduced or are developing rules for cryptocurrencies. He called on the Canadian Federal and Provincial Regulators to do the same to avoid lag.
Refusal to Canadian MNBC In 2022, the Bank of Canada cooperated with the Massachusette Institute for Developing Digital Currency of the Central Bank (CBDC). However, in September 2024, the Bank decided to give up this project. He preferred to focus on other priorities such as the development of real -time payments.
This decision was made after a Canadian survey on their perception of a multinational corporation (MNBC). The results showed that only 42% of respondents supported MNBC, while 20% opposed this idea.
Ron Morrou’s speech reflects the growing awareness of the importance of steiblcoins in the modern financial system. Although Canada has postponed its CBDC project, it seems to be ready to take stiblcoins, provided that you create a reliable regulatory framework.
Source: Journalducoin.com
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