The Bank of Canada's executive director of payments Ron Morrow called on federal and provincial regulators to 'work quickly and collaboratively to evolve our regulatory frameworks.'

The Bank of Canada says the federal government should consider regulating stablecoins in light of growing interest in the digital asset in Canada and a push by the United States to enable widespread adoption.

In a speech on Thursday, Ron Morrow, the central bank’s executive director of payments, said that Canada is behind other countries in developing rules for the use of stablecoins, which are a kind of cryptocurrency pegged one-to-one to a fiat currency or stable commodity such as gold.

In July, the U.S. passed a bill dubbed the GENIUS Act, which established a framework for regulating stablecoins. This set

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