{"id":272607,"date":"2022-11-04T17:54:01","date_gmt":"2022-11-04T17:54:01","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=272607"},"modified":"2022-11-04T20:31:49","modified_gmt":"2022-11-04T20:31:49","slug":"canada-launches-consultations-on-crypto-stablecoins-cbdcs","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/canada-launches-consultations-on-crypto-stablecoins-cbdcs\/","title":{"rendered":"Canada launches consultations on crypto, stablecoins, CBDCs"},"content":{"rendered":"

Canada's government announced it is launching consultations on cryptocurrencies, stablecoins, and central bank digital currencies (CDBCs) to address illicit crypto activities, according<\/a> to a Nov. 3 mini-budget fiscal update by Deputy Prime Minister Chrystia Freeland.<\/p>\n

Within The Fall Economic Statement's “Addressing the Digitization of Money,” the government wrote that it aims to launch a financial sector legislative review on the digitization of money to ensure economic stability and security in the sector.<\/p>\n

The statement conveyed the importance of addressing the use of cryptocurrency as means to circumvent international sanctions and fund illegal activities, both domestically and abroad.<\/p>\n

As such, the government has launched consultations with stakeholders on the regulations of digital currencies as of Nov. 3.<\/p>\n

Crypto regulations, or lack thereof, in Canada<\/h2>\n

In similar news, crypto sports betting has been rising in popularity as it provides a way for gamblers to place non-parlay sports bets with offshore casinos or those based overseas. Under current legislation, Canadians can only place parlay bets – a wager that links two or more bets and ties them into one.<\/p>\n

Canadian online sportsbook sites such as MintDice.com are currently operating as Bitcoin betting sites for bettors to legally place non-parlay bets on sports and earn bonus winnings and stakes, activities accessible via VPN, and registering an account.<\/p>\n

On Feb. 14, 2022, Canada's Prime Minister Justin Trudeau invoked<\/a> the “Emergencies Act” to freeze crypto exchanges and wallets tied to trucker “Freedom convoys” protest organizers. The protests were sparked over the country's COVID-19 vaccine mandate and restrictions.<\/p>\n

Up to $20 million of protestors' cash and cryptocurrency were frozen in the light of the protest, marking the first time that Bitcoin and cryptocurrency have been subject to a freezing order in Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada’s government announced it is launching consultations on cryptocurrencies, stablecoins, and central bank digital currencies (CDBCs) to address illicit crypto activities, according to a Nov. 3 mini-budget fiscal update by Deputy Prime Minister Chrystia Freeland. 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