Canada Eyes Stablecoins for Cheaper Remittances
Canada pushes for stablecoin regulation to lower costly remittance fees and boost mainstream adoption in cross-border payments.
- Canada sees stablecoins as key for cross-border transactions
- Deputy Governor calls for unified federal regulation
- Remittance fees could drop from 10% to below 1%
Canada is taking major steps toward embracing stablecoins in daily finance, especially for cross-border payments. Ron Morrow, Deputy Governor of the Bank of Canada, recently highlighted the growing role of stablecoins in everyday transactions and international remittances.
This marks a significant shift in the country’s financial outlook. With stablecoins gaining traction globally, Canada is now calling for a clear and unified federal framework to regulate their use. The goal? To ensure both innovation and security in the evolving digital payments landscape.
Cutting Remittance Costs Through Crypto
Canada’s remittance fees currently sit at a high 5–10%, which places a financial burden on families and workers sending money abroad. Morrow pointed out that using stablecoins could reduce these fees to under 1%, revolutionizing how Canadians interact with the global financial system.
This potential cost reduction is especially important for immigrant communities who frequently send money to their home countries. By streamlining transactions through blockchain-based assets like stablecoins, users can bypass expensive intermediaries.
Stablecoins offer a unique combination of the speed and borderless nature of crypto, while maintaining price stability. As such, they present a compelling option for both personal and commercial cross-border transactions.
Why Canada Wants Unified Stablecoin Rules
While various provinces have started exploring crypto regulations, Morrow stresses the need for a national framework. Without a unified approach, there’s a risk of regulatory fragmentation that could slow innovation and create confusion in the market.
A federal regulatory system would help define what qualifies as a stablecoin, who can issue them, and how to protect consumers. It would also enhance trust in the system and promote healthy adoption across sectors.
In short, Canada’s push for stablecoin regulation is about more than crypto—it’s about making financial services more affordable and accessible to all.
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