October 7, 2021
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
October 13, 2020The FSB issued a report that sets out high-level recommendations for the regulation, supervision and oversight of “global stablecoin” arrangements.
Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements
April 14, 2020The FSB published for consultation 10 high-level recommendations to address the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements.
Addressing the regulatory, supervisory and oversight challenge raised by “global stablecoin” arrangements: Consultative document
April 9, 2020The 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.
Enhancing Cross-border Payments—Stage 1 report to the G20
October 18, 2019The 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.
Regulatory issues of stablecoins
June 6, 2019The FSB issued a report looking at the financial stability, regulatory and governance implications of the use of decentralized financial technologies such as those involving distributed ledgers and online peer-to-peer platforms.
Decentralised financial technologies: Report on financial stability, regulatory and governance implications
February 14, 2019The FSB working group, chaired by Bank of Canada Advisor Stephen Murchison, issued a report that assesses the impact of fintech on the structure of the financial system.
FinTech and market structure in financial services: Market developments and potential financial stability implications
October 10, 2018The FSB working group, chaired by Bank of Canada Advisor Stephen Murchison, issued a report that sets out the analysis behind the FSB’s proactive assessment of the potential implications of crypto-assets for financial stability.
Crypto-asset markets: Potential channels for future financial stability implications
July 16, 2018The FSB working group, chaired by Bank of Canada Advisor Stephen Murchison, published a report delivered to the G20 Finance Ministers and Central Bank Governors on the work of the FSB and standard-setting bodies on crypto-assets.
Crypto-assets: Report to the G20 on the work of the FSB and standard-setting bodies
November 1, 2017The FSB issued a report that considers the financial stability implications of the growing use of artificial intelligence and machine learning in financial services.
Artificial intelligence and machine learning in financial services
June 27, 2017This FSB press release announces that a working group chaired by Bank of Canada Senior Deputy Governor Carolyn A. Wilkins published a report analyzing the potential financial stability implications of fintech.
FSB issues a report on the financial stability implications from FinTech
December 12, 2016This 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.
FSB Regional Consultative Group for the Americas discusses fintech, correspondent banking and regional vulnerabilities
International Monetary Fund
March 15, 2017This press release, issued by the International Monetary Fund, announces the creation of the High Level Advisory Group on FinTech. Bank of Canada Senior Deputy Governor Carolyn A. Wilkins is among the members of the new advisory group.
IMF Managing Director Welcomes Establishment of High Level Advisory Group on FinTech
Bank for International Settlements
BIS Innovation Hub
September 30, 2021This 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.
Central bank digital currencies—executive summary
October 9, 2020This report issued by seven central banks and the Bank for International Settlements (BIS) outlines foundational principles and core features of CBDCs that would allow central banks to deliver their public policy objectives.
Central bank digital currencies: foundational principles and core features
Committee on Payments and Market Infrastructures
July 9, 2021This 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.
Central bank digital currencies for cross-border payments
July 13, 2020This 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.
Enhancing Cross-Border Payments: Building Blocks of a Global Roadmap
October 18, 2019This 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.
Investigating the Impact of Global Stablecoins
March 12, 2018A 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.
Central Bank Digital Currencies
February 27, 2017This report issued by the Bank for International Settlements’ Committee on Payments and Market Infrastructures provides an analytical framework for central banks and other authorities to review and analyze the use of distributed ledgers in payment, clearing and settlement activities.
Distributed Ledger Technology in Payment, Clearing and Settlement—an Analytical Framework
November 23, 2016A 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, 2016A 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.