Canada launches consultations on crypto, stablecoins, CBDCs

Canada’s authorities introduced it’s launching consultations on cryptocurrencies, stablecoins, and central financial institution digital currencies (CDBCs) to handle illicit crypto actions, according to a Nov. 3 mini-budget fiscal replace by Deputy Prime Minister Chrystia Freeland.

Inside The Fall Financial Assertion’s “Addressing the Digitization of Cash,” the federal government wrote that it goals to launch a monetary sector legislative evaluation on the digitization of cash to make sure financial stability and safety within the sector.

The assertion conveyed the significance of addressing using cryptocurrency as means to avoid worldwide sanctions and fund unlawful actions, each domestically and overseas.

As such, the federal government has launched consultations with stakeholders on the rules of digital currencies as of Nov. 3.

Crypto rules, or lack thereof, in Canada

In related information, crypto sports activities betting has been rising in recognition because it offers a manner for gamblers to position non-parlay sports activities bets with offshore casinos or these based mostly abroad. Below present laws, Canadians can solely place parlay bets – a wager that hyperlinks two or extra bets and ties them into one.

Canadian on-line sportsbook websites equivalent to are presently working as Bitcoin betting websites for bettors to legally place non-parlay bets on sports activities and earn bonus winnings and stakes, actions accessible through VPN, and registering an account.

On Feb. 14, 2022, Canada’s Prime Minister Justin Trudeau invoked the “Emergencies Act” to freeze crypto exchanges and wallets tied to trucker “Freedom convoys” protest organizers. The protests had been sparked over the nation’s COVID-19 vaccine mandate and restrictions.

As much as $20 million of protestors’ money and cryptocurrency had been frozen within the mild of the protest, marking the primary time that Bitcoin and cryptocurrency have been topic to a freezing order in Canada.

Posted In: Canada, Regulation

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