Canadian authorities are concerned about the potential threat of cryptocurrencies and stablecoins to the economy

Canada's budget for next year will have a new item of expenditure
  • Canada’s budget for next year will have a new item of expenditure
  • The money will be allocated for consultations with counterparties and experts in the crypto-sphere
  • This is the first step towards changing the regulatory field in Canada to regulate cryptocurrencies

Yesterday, November 3, Deputy Prime Minister Christia Freeland presented the report “Fall Economic Statement 2022“. Among other things, it mentions the need to consult on what risks digital assets may pose to the traditional financial system.

In particular, in the third chapter of the report there is a paragraph “Solving the problem of digitalization of money“, which says the following:

“Money tokenization is challenging democratic institutions around the world. In recent months, cryptocurrencies and other digital assets have been used to evade sanctions and finance illegal activities.”

With this decision, the authorities make a proposal for consultations on the subject of current changes in the regulatory framework. They will be included in the budget for fiscal year 2022.

The report also states that the government has already requested the opinion of the competent organizations and authorities on the subject of regulating the crypto market. However, there are no concrete details about the results achieved yet.

Recall that in February, Justin Trudeau initiated a nationwide blockade as a response to the protests of truckers in the capital. It also affected the crypto segment, as the politician publicly accused counterparties in this area of ​​supporting the protesters.

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