Collaboration on the regulatory agenda

We help manage the benefits and risks of fintech and digital currencies at the international level through our work with the Financial Stability Board, the International Monetary Fund and the Bank for International Settlements.

The Bank of Canada is not a banking regulator. We oversee financial market infrastructures that are designated as systemically important or as prominent payment systems.

In addition, the Bank was granted responsibility for supervising payment service providers under the new Retail Payments Activities Act.

Financial Stability Board

April 9, 2020

Enhancing Cross-border Payments—Stage 1 report to the G20

The FSB published the Stage 1 report of its project to develop a roadmap to enhance cross-border payments. This report, which is being delivered to the G20, provides an assessment of existing arrangements and challenges for global cross-border payments.
October 18, 2019

Regulatory issues of stablecoins

The FSB published a note on regulatory issues of stablecoins. The paper was delivered to G20 Finance Ministers and Central Bank Governors for their meeting in Washington D.C. It responds to the G20 Leaders’ Osaka Declaration, which noted the importance of monitoring developments in crypto-assets and remaining vigilant to existing and emerging risks.
December 12, 2016

FSB Regional Consultative Group for the Americas discusses fintech, correspondent banking and regional vulnerabilities

This press release, issued by the Financial Stability Board, announces that a regional consultative group co-chaired by Bank of Canada Senior Deputy Governor Carolyn A. Wilkins discussed the benefits and risks of fintech developments, including the implications of distributed ledger technology and peer-to-peer lending.
Content Type(s): Press, Press releases Topic(s): Digital currencies and fintech

International Monetary Fund

Bank for International Settlements

BIS Innovation Hub

September 30, 2021
Central bank digital currencies—executive summary
This report issued by seven central banks and the Bank for International Settlements (BIS) summarizes progress made since publishing a report in October 2020 setting out the common foundational principles and core features of a CBDC.

Committee on Payments and Market Infrastructures

July 9, 2021
Central bank digital currencies for cross-border payments
This joint report issued by the Bank for International Settlements’ Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank analyzes how CBDCs could enhance cross-border payments and how practical efforts are taking these considerations forward. It also highlights the need for multilateral collaboration on macro-financial consequences and interoperability.
July 13, 2020
Enhancing Cross-Border Payments: Building Blocks of a Global Roadmap
This report issued by the Bank for International Settlements’ Committee on Payments and Market Infrastructures sets out the necessary elements to improve cross-border payments to make them faster, cheaper, more transparent and inclusive. It forms part of a three-stage process initiated by the G20.
October 18, 2019
Investigating the Impact of Global Stablecoins
This report was issued by the Group of Seven working group on stablecoins, chaired by Benoît Cœuré (Chair of the CPMI). It finds that stablecoins, regardless of size, have implications ranging from anti-money laundering efforts across jurisdictions to operational resilience (including for cyber security), consumer/investor and data protection, and tax compliance. Global stablecoins may amplify those challenges and could also pose challenges to competition policy, financial stability, monetary policy and, in the extreme, the international monetary system.
March 12, 2018
Central Bank Digital Currencies
A report issued by the Bank for International Settlements’ Committee on Payments and Market Infrastructures analyzes two types of central bank digital currencies and how central banks must carefully weigh the implications for financial stability and monetary policy of issuing digital currencies available to the general public.
November 23, 2016
Digital Currencies
A report issued by the Bank for International Settlements’ Committee on Payments and Market Infrastructures. Digital currencies, and especially those which have an embedded decentralized transfer mechanism based on the use of a distributed ledger, are an innovation that could have a range of impacts on various aspects of financial markets and the wider economy. These could include potential disruption to business models and systems, as well as facilitating new economic interactions and linkages.
November 8, 2016
Fast Payments—Enhancing the Speed and Availability of Retail Payments
A report issued by the Bank for International Settlements’ Committee on Payments and Market Infrastructures. So-called fast payment services make funds immediately available to the payee and can be used around-the-clock, on a 24/7 basis. As such, they overcome the limitations of traditional retail payment services, namely that usually the funds reach the beneficiary one or more days after the funds are debited in the payer's account, and that these can be initiated only in certain places at certain times.