Canada Announces Crypto And Stablecoin Consultation In The Latest Budget Statement

On November 3, 2022, consultations with stakeholders on digital currencies, including cryptocurrencies, stablecoins, and central bank digital currencies, will begin. Canada’s federal government is investigating cryptocurrency, which it claims is “transforming financial institutions” throughout the world.

In a budget report issued Thursday, Canada’s federal government announced the commencement of a consultation on cryptocurrencies, stablecoins, and central bank digital currencies (CBDC).

The government’s economic road map for the future months is outlined in the Fall Economic Statement, a mini-budget published by Deputy Prime Minister Chrystia Freeland. A section on the “digitalization of money,” which highlighted cryptocurrencies and digital assets and their usage globally, was included among sections on taxation, recovering from COVID-19 and storms, and budget predictions.

Cryptocurrencies are “transforming financial systems” in Canada and overseas, according to the statement, and the financial regulatory frameworks must “keep pace.”

According to a section of the document headed effective government:

“The digitization of money puts democratic institutions across the world in jeopardy. In recent months, digital assets and cryptocurrencies have been utilized to dodge global sanctions and support unlawful operations, both in Canada and throughout the world.”

The government opened a consultation on digital currencies on Thursday to address this, according to the paper. According to the paper, this involves a legislative review addressing financial stability and security, as well as other issues.

Canada made news earlier this year when Prime Minister Justin Trudeau invoked the country’s Emergencies Act in response to a weeks-long trucker protest that blocked the US-Canada border, forcing banks to freeze and suspend accounts associated with the demonstrators, including Bitcoin, contributed.

According to canada.com, a news organization controlled by Postmedia Network, most of the $24 million raised, including part of the crypto assets, remains frozen as of this week.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Chubbi

CoinCu News