Bank of Canada: Stablecoins are gradually becoming mainstream and a unified federal regulatory framework is needed

ChainCatcher news, Bank of Canada Deputy Governor Ron Morrow stated that stablecoins are gradually becoming mainstream in cross-border payments and daily transactions. Canada needs to establish a unified federal regulatory framework to avoid falling behind countries like the US and the UK in payment modernization. He pointed out that the current provincial regulations are highly fragmented and called for accelerating the development of regulations to ensure the safety of the financial system.

Currently, the cost of cross-border remittances in Canada is as high as 5-10%, while stablecoins can reduce it to less than 1%.