In brief
- Bank of Canada Deputy Governor Ron Morrow called for federal stablecoin regulation while highlighting Canada’s lagging payments modernization compared to the U.S. and UK.
- Canadian remittance costs are “significantly higher” than other developed nations, creating opportunities for stablecoin adoption to reduce cross-border payment fees.
- Stablecoins could cut remittance fees to “less than 1 percent” from the 5–10% charged today, an expert told Decrypt.
The Bank of Canada has warned that stablecoins, now powering trillions in global payments, must be “as safe and stable as the balance in your bank account” before regulators let them scale.
Speaking at the CPA conference in Ottawa on Thursday, Senior Deputy Governor Ron Morrow said that while stablecoins present major opportunities to modernize Canada’s payment infrastructure, “there’s scope for a lot of potential change, but there’s also the need for some caution.”
Morrow pointed to Canada’s particular vulnerability in cross-border payments, noting international money transfer costs are “significantly higher in Canada than in jurisdictions like the Unit
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Author: Vismaya V
