The Bank of Canada has a message for the Canadian House of Commons.
The note focuses on concentration among the risks identified. Concentration risk applies to stablecoins themselves as well as holders of stablecoin:
“Currently the top three fiat-referenced cryptoassets have 90% of the total fiat-referenced cryptoasset market; […] Similarly, the top 1% of investors hold approximately 90% or more of the total supply of the major fiat-referenced cryptoassets.” Such concentration means that impacts on those coins and holders could have outsized impact on the economy as a whole.Despite guidance from international standards-setting bodies regarding the regulation of fiat-referenced cryptoassets, “most existing regulatory regimes, in Canada and abroad, are not presently fit for purpose,” the note stated.
“A timely and comprehensive regulatory approach in Canada will ensure that fiat-referenced cryptoassets can deliver potential benefits without posing unnecessary risks.” The note was perhaps most interesting in light of the current status of cryptocurrency regulation in Canada. Bill C-249, “Encouraging the Growth of the Cryptoasset Sector Act,”
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Kazakhstan central bank recommends a phased CBDC rollout between 2023-25The country’s primary motivation for a CBDC was to test its potential to improve financial inclusion, promote competition and innovation in the payments industry and increase the nation's global competitiveness.
Leer más »
National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge – Finance Bitcoin NewsThe central bank of Kazakhstan has completed the second phase of testing of its digital currency and published a whitepaper.
Leer más »
PNC Bank to shutter Montgomery branchA Montgomery branch is among nearly three dozen being closed by the financial institution.
Leer más »
China, Canada confident of securing 'peace pact for nature' at COP15Talks are set to wrap up on Monday in Montreal and countries are racing to agree on language in framework that calls for protecting 30% of global land and marine areas by 2030 and providing tens of billions of dollars to developing countries.
Leer más »
Grocery shoplifting on the rise in Canada amid inflation, industry insiders sayMeat and dairy products are the top two stolen items. 'Theft will cost everyone more because someone has to pay for that (stolen) food.' inflation cdnpoli
Leer más »
In this Montana city, defendants can pay off their court fines with food bank donations | CNNFor the third year in a row, a Montana city is embracing the holiday spirit by allowing defendants to pay off some of their court fines with donations to the local food bank.
Leer más »