Bank of Canada Wants Stablecoins to Be 'Good Money' — Market Talk
Bank of Canada Gov. Tiff Macklem says central bank officials will work with senior policymakers at the country's Department of Finance on drafting new regulations for stablecoins. Canada's Liberal government unveiled last month plans for a regulatory regime overseeing stablecoins. "We want stablecoins to be good money, like bank notes or money on deposit at banks," Macklem says in Montreal. Stablecoins tend to be pegged to a currency backed by a country's central bank. Macklem says it's important Canada have its own regulatory approach, to ensure stablecoins are backed by high-quality liquid assets, and individuals and businesses that acquire the cryptocurrency have adequate protections. ([email protected]; @paulvieira)