The Bank of Canada calls for the establishment of a stablecoin framework in the country to avoid falling behind other nations

ChainCatcher news, according to Cointelegraph, the Bank of Canada is calling for the establishment of a regulatory framework for stablecoins to modernize the payment system and avoid falling behind other countries in advancing relevant policies.

On Thursday, Ron Morrow, Executive Director of Payments at the Bank of Canada, stated during a Chartered Professional Accountants conference in Ottawa: "Even if you are on the right path, stagnation can lead to being surpassed. For stablecoins to be regarded as currency, they must be as safe and stable as bank account balances. Governments around the world are tightening regulations on cryptocurrencies like stablecoins to benefit consumers and mitigate credit and liquidity risks. In fact, many jurisdictions globally have already implemented or are about to implement regulatory frameworks for crypto assets."