The Canadian federal government yesterday announced the launch of a consultation paper on cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs). The information was revealed in the Fall Economic Statement published by the Canadian government. The section titled ‘Addressing the Digitalization of Money’ outlines the government’s approach towards cryptocurrencies and related assets. The other issues […]
The Canadian federal government yesterday announced the launch of a consultation paper on cryptocurrencies, stablecoins, and Central Bank Digital Currencies . The information was revealed in the Fall Economic StatementThe section titled ‘Addressing the Digitalization of Money’ outlines the government’s approach towards cryptocurrencies and related assets. The other issues covered in the statement include taxes, COVID-19 recovery plan, and budget projections.
“The digitalization of money poses a challenge to democratic institutions around the world. In the last several months, digital assets and cryptocurrencies have been used to avoid global sanctions and fund illegal activities, both in Canada and around the world.” The consultation paper aims to include a legislative review addressing financial stability, security, and digitalization. It will also deliberate on the need to introduce CBDCs in the country.
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