TechFlow news, September 19 — According to Cointelegraph, Ron Morrow, Executive Director of Payments, Regulation and Supervision at the Bank of Canada, called for federal and provincial regulators to establish a policy framework for stablecoins during a speech at the Ottawa Chartered Professional Accountants conference.
Morrow said: "Even if you're on the right track, you'll get run over if you just sit there." He emphasized that for stablecoins to be seen as money, they need to be as safe and stable as bank account balances. Morrow noted that governments around the world are moving forward with regulation of stablecoins and other cryptocurrencies so consumers can benefit from them while being protected from credit and liquidity risks.
Notably, the Bank of Canada had partnered with the Massachusetts Institute of Technology in 2022 to develop a central bank digital currency (CBDC), but abandoned the project in September 2024, shifting focus instead to other priorities such as developing real-time payment systems.
