Ron Morrow, head of payments at Canada’s central bank, called on regulators to pass a framework for stablecoins or be left behind.
Bank of Canada News
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Canada’s new prime minister, Mark Carney, once said recreating a virtual global gold standard like Bitcoin “would be a criminal act of monetary amnesia.”
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The M2 money supply is an economic measure of the total amount of a sovereign nation's fiat currency currently circulating worldwide.
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The Bank of Canada’s research revealed mixed views on a digital Canadian dollar and highlighted Canadians’ enduring trust in cash and card payments.
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Bank of Canada Governor Tiff Macklem highlighted the potential risks AI poses to inflation and financial stability in the short term.
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Regulating and speeding up payments without a CBDC are more important to the Canadian central bank.
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For two years in a row, Canadians have shown a strong preference for cash and card payments for day-to-day purchases.
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Bank of Canada Governor Tiff Macklem said that as finance evolves, the industry must innovate and apply new skills, allowing Canadians to benefit from advancements.
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The staff note suggested that, although the DeFi ecosystem brings a ton of innovations in the financial sector, the regulatory challenges and vulnerability limit its potential use in traditional finance.
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The potential is there, but the difficulties in achieving financial inclusivity are often underestimated, a Bank of Canada study shows.
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A central bank discussion paper found that the majority of Canadians have little trouble accessing financial services, which gives them little reason to use a CBDC.
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The biggest motivation for Canadians interested in Bitcoin is as an investment, according to over one-third of the 4,996 respondents in the Bank of Canada’s 2022 survey.
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The Bank for International Settlements has published the fifth paper by the group, highlighting its latest thinking on a potential retail CBDC.
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Canadians are being asked what features they wish to see in a digital Canadian dollar even though there are no plans yet to issue one.
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Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.
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