Bank of Canada: Stablecoins are gradually becoming mainstream, and a unified federal regulatory framework is needed

According to Odaily Planet Daily, Bank of Canada Deputy Governor Ron Morrow stated that stablecoins are becoming mainstream in cross-border payments and everyday transactions, and that Canada needs to establish a unified federal regulatory framework to avoid lagging behind countries like the US and the UK in payment modernization. He noted the current severe fragmentation of provincial regulation and called for expedited legislation to ensure the security of the financial system. Currently, cross-border remittance fees in Canada can be as high as 5–10%, but stablecoins could reduce this to less than 1%. (Decrypt)