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Canada is the preparation of new national rules for stablecoinswith the plans outlined in the 2025 federal budget.
Under the proposed approachCompanies issuing stablecoins must meet several key requirements. They become maintain sufficient funds in reserve to cover customer redemptions and describes the policies that govern those redemptions.
They also need it adopt practices that limit risksincluding steps to protect people’s financial and personal information.
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To support the rollout and supervision of the new system, the The Bank of Canada will receive $10 million over two years beginning in the 2026-2027 financial year. After that period, approximately $5 million per year will be allocated to ongoing costs, funded by companies covered by the Retail Payment Activities Act.
Although the exact timing of the introduction of the legislation is not mentioned in the budget, it is part of a larger plan to improve the way of payment throughout the country.
The purpose is to making digital payments more efficient, less costly and more secure for Canada’s population of more than 41 million.
$4.6 billion
Canadian operations, commented on the proposal during an interview with CBC. He said the changes could reshape the way Canadians use money and access the Internet.
Recently, Bank Indonesia announced plans to launch a stablecoin backed by government bonds. What did Governor Perry Warjiyo say? Read the full story.
