Canada launches consultations on crypto, stablecoins, CBDCs

The Canadian government has announced that it will launch talks on cryptocurrencies, stablecoins, and a central bank digital currency (CDBC) to combat illegal crypto activity. according to Deputy Prime Minister Chrystia Freeland’s mini-budget financial update on 3 November.

In The Fall Economic Statement, Addressing the Digitization of Money, the government aims to initiate legislative review on the digitization of the financial sector to ensure economic stability and security. .

The statement conveyed the importance of addressing the use of cryptocurrencies as a means of circumventing international sanctions and funding illegal activities at home and abroad.

Therefore, as of November 3, the government has started consultations with stakeholders on regulation of digital currencies.

Canadian Crypto Regulation, or Lack Thereof

In similar news, crypto sports betting is growing in popularity. This is to provide the gambler with a way to place his bets on sports other than parlay at his offshore casino or a casino based abroad. Under current law, Canadians can only place parlay bets. This is a bet that links two or more bets and he combines them into one.

Canadian online sportsbook sites such as currently allow bettors to legally place parlay-free bets on sports to earn bonus winnings and wagers, activities accessible via VPN, and account registration. operates as a Bitcoin betting site.

On February 14, 2022, Canadian Prime Minister Justin Trudeau invoked the “Emergency Act” to freeze cryptocurrency exchanges and wallets tied to trucker “Freedom Convoy” protest organizers. Protests were sparked over the country’s COVID-19 vaccine mandates and restrictions.

Up to $20 million of protesters’ cash and cryptocurrencies have been frozen, making this the first time Bitcoin and cryptocurrencies have received a freeze order in Canada.

Posted In: Canada, Regulation

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