The Bank of Canada calls for the establishment of a stablecoin framework to prevent the country from falling behind others.

ChainCatcher news, according to Cointelegraph, the Bank of Canada has called for the establishment of a regulatory framework for stablecoins in order to modernize the payment system and avoid falling behind other countries in policy advancement.

On Thursday, Ron Morrow, Executive Director of Payments at the Bank of Canada, stated in a speech at the Chartered Professional Accountants conference in Ottawa: "Even if you are on the right track, you will be overtaken if you stand still. For stablecoins to be regarded as money, they must be as safe and stable as bank account balances. Governments around the world are strengthening regulations on stablecoins and other cryptocurrencies to benefit consumers and mitigate credit and liquidity risks. In fact, many jurisdictions globally have already introduced or are about to introduce regulatory frameworks for crypto assets."