The Canadian government will begin consultations on cryptocurrencies, stablecoins, and CBDCs.
The ruling body maintained that such assets should function under strict supervision since they could facilitate illicit operations and pose “a challenge to democratic institutions.”
Crypto is Among the Budget’s Priorities
As disclosed in its mini-budget 2022, Canada’s federal government will aim to impose rules on the local cryptocurrency sector. The officials started a series of consultations with shareholders to discuss the pros and cons of digital assets, stablecoins, and CBDCs.
Canada’s authorities argued that this is a vital step since the digitalization of money has transformed the global financial system. They also believe cryptocurrencies could fuel criminal affairs and are used by wrongdoers to bypass sanctions:
“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 t
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