Canada Allows Banks to Issue Stablecoins but Removes Deposit Insurance for Them
(2 hours ago) · 1 source · Summarized by CryptoBipto
Canada has introduced rules that permit banks to issue stablecoins, but these stablecoin holdings will not be covered by the country's deposit insurance program. This means that consumers who hold bank-issued stablecoins would not receive the same protections as traditional bank depositors if the issuing institution fails.
WHY IT MATTERS
When you put money in a regular bank account in Canada, the government guarantees that you will get your money back (up to a limit) even if the bank goes under.
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SOURCES
- cryptoslate.com
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