The Bank of Canada is calling on the country to establish a stablecoin framework to avoid falling behind other countries

On September 19, Cointelegraph reported that the Bank of Canada is actively calling for the establishment of a comprehensive and robust stablecoin regulatory framework to promote the modernization of the country's payment system and avoid falling behind other developed countries in related policy competition.

At the Chartered Professional Accountants Conference held in Ottawa on Thursday, Ron Morrow, Executive Director of the Payments and Settlements Department of the Bank of Canada, emphasized in his speech: "Even if you are on the right track of development, stagnation still means that you may be overtaken by other countries." He pointed out that if stablecoins are to be widely accepted and regarded as a real form of currency, they must have the same high security and stability as traditional bank account balances.

Morrow further stated that many governments are currently strengthening their supervision of stablecoins and other crypto assets to better protect consumer rights and interests while effectively preventing credit and liquidity risks. He mentioned, "In fact, many jurisdictions around the world have introduced or are in the process of developing clear regulatory frameworks for crypto assets. This trend demonstrates the consensus and sense of urgency among countries in digital currency governance."

The Bank of Canada's statement reflects its emphasis on financial innovation and risk balance, and also indicates that Canada may introduce more specific digital currency regulatory measures in the near future to adapt to the wave of changes in the global financial system.