Bank of Canada: Implement stablecoin regulatory framework or 'get run over'

Ron Morrow, head of payments at Canada’s central bank, called on regulators to pass a framework for stablecoins or be left behind.

Canada’s central bank is calling for the country to establish a stablecoin regulatory framework to modernize the payment system and avoid falling behind other countries that are moving forward with such policies.

“Even if you’re on the right track, you’ll get run over if you sit there,” Ron Morrow, the executive director of payments, supervision and oversight at the Bank of Canada, said in a speech Thursday at the Chartered Professional Accountants conference in Ottawa, Canada, a transcript of which was published on the central bank’s website.

Morrow called on federal and provincial regulators to create a policy framework for stablecoins. “At the end of the day, for stablecoins to be seen as money, they need to be as safe and stable as the balance in your bank account,” Morrow said, adding:

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