Carney to direct BoC to administer open banking and stablecoins
PM’s first budget plan includes funding allocation for central bank to administer relevant legislation
The Bank of Canada (BoC) will gain oversight of open banking and stablecoins if the country’s parliament approves this year’s proposed budget.
The budget proposal – the first by Mark Carney, a former head of both the BoC and the Bank of England, since he became Canada’s prime minister in March – was released on November 4.
It includes a commitment to advancing open banking, whereby consumers can allow their financial data be shared between banks and third parties, instead of the traditional
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