加拿大穩定菌的採用緩慢使一些當地加密行業觀察者擔心該國正在落後。

加拿大證券管理員（CSA）在2022年12月在FTX崩潰之後，將Stablecoins分類為“證券和/或衍生品”

The slow adoption of stablecoins in Canada has some local crypto industry observers concerned that the country is falling behind.

加拿大穩定菌的採用緩慢使一些當地加密行業觀察者擔心該國正在落後。

Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022 after the FTX debacle that shook markets and turned many lawmakers against the crypto industry.

加拿大證券管理員（CSA）在2022年12月在FTX崩潰而震驚市場並將許多立法者反對加密貨幣行業的FTX崩潰之後，將StableCoins歸類為“證券和/或衍生品”。

Regulating stablecoins as a security has seen few local stablecoin issuers arise, but in the United States and the European Union, softening regulations have seen significant growth in the stablecoin market. This makes Canada, observers say, less competitive with other jurisdictions. Of particular concern is the perceived gap in peer-to-peer (P2P) payments in Canada, which stablecoins are uniquely qualified to fill.

監管Stablecoins作為安全性，很少有當地的Stablecoin發行人出現，但是在美國和歐盟，軟化法規在Stablecoin市場中的增長顯著增長。觀察家說，這使加拿大與其他司法管轄區的競爭力較低。特別令人擔憂的是，加拿大的點對點付款差距（P2P）的差距是穩定的，這是有特殊資格填補的。

Local law constrains stablecoin growth and threatens dollar

地方法限制了穩定的增長並威脅美元

In 2022, as the crypto market reeled from the collapse of FTX and the implosion of the Terra stablecoin system, regulators worldwide began to look more critically at the crypto space.

2022年，由於加密貨幣市場因FTX的崩潰和Terra Stablecoin系統的內爆而引起了人們的看法，全球監管機構開始更加批判地看待加密貨幣空間。

In Canada, the CSA updated regulations for crypto exchanges and brought stablecoins under its purview, classifying them as securities/derivatives. This hasn’t been a popular decision with Canada’s crypto industry.

在加拿大，CSA更新了有關加密交易所的法規，並將穩定的股份帶入其權限下，將其歸類為證券/衍生產品。對於加拿大的加密貨幣行業來說，這並不是一個流行的決定。

Morva Rohani, founding managing director of the Canadian Web3 Council, said that the CSA’s case-by-case basis for considering stablecoin issuers and the lack of a federal framework make for a “patchwork” regulatory regime.

加拿大Web3委員會的創始董事總經理莫爾瓦·羅哈尼（Morva Rohani）表示，CSA逐案的基礎是考慮Stablecoin發行人，並且缺乏聯邦框架可以實現“拼湊的”監管制度。

“Canada’s reliance on securities law to regulate payment stablecoins introduces significant legal and operational uncertainty,” she said.

她說：“加拿大依靠證券法規範付款穩定的股家事帶來了嚴重的法律和運營不確定性。”

Tanim Rasul, chief operating officer of Canadian crypto exchange NDAX, said that the CSA “got it wrong,” stating that other regulatory frameworks, like the EU’s Markets in Crypto-Assets (MiCA) law, were more appropriate.

加拿大加密貨幣交易所NDAX首席運營官Tanim Rasul說，CSA“弄錯了”，稱其他監管框架，例如加密貨幣（MICA）法律的歐盟市場，更合適。

“I would just say, look at MiCA, look at the way they’re approaching stablecoins. It’s a payment instrument. It should be regulated as such,” he told a crowd at the Blockchain Futurist Conference in Toronto on May 13.

他在5月13日在多倫多舉行的區塊鏈未來主義會議上對人群說：“我只是說，看一下云母，看看他們接近Stablecoins的方式。這是一種支付工具。”

It’s not just the EU. Singapore and the UAE have also introduced regulatory frameworks for stablecoins, and US senators are optimistic they will pass a stablecoin law by May 26.

這不僅僅是歐盟。新加坡和阿聯酋還引入了針對穩定的監管框架，美國參議員很樂觀，他們將在5月26日之前通過一項Stablecoin法律。

Rohani said Canada is “out of step with leading global jurisdictions [...] which have adopted tailored, prudential frameworks that recognize stablecoins as payment instruments.”

羅哈尼（Rohani）說，加拿大“與已量身定制的審慎框架的全球領先司法管轄區相距甚遠，這些框架將穩定的框架承認為付款工具。”

This lack of alignment with other, more pro-stablecoin jurisdictions could have negative effects for the Canadian dollar (CAD), some worry.

與其他更加親切的司法管轄區缺乏一致性可能會對加拿大美元（CAD）產生負面影響，有些擔心。

Som Seif, founder of Canadian investment firm Purpose Financial, said that the proliferation of other major stablecoins, mostly denominated in the US dollar, could threaten the use of the loonie (a nickname for the Canadian dollar) at home.

加拿大投資公司目的財務公司的創始人SOM SEIF表示，其他主要以美元計價的其他主要穩定幣的擴散可能威脅到在家中使用Loonie（加拿大美元的暱稱）。

“If Canada does not create the regulatory framework and environment that encourages the development of CAD stablecoins, consumers and businesses will default to using USD-pegged alternatives, eroding the relevance of CAD in global markets,” he said.

他說：“如果加拿大沒有創建鼓勵CAD Stablecoins開發的監管框架和環境，那麼消費者和企業將默認使用美元固定的替代方案，從而削弱了CAD在全球市場中的相關性。”

Stablecoins provide cheaper P2P payments but reputation is also a roadblock

Stablecoins提供便宜的P2P付款，但聲譽也是障礙

Members of the Canadian crypto industry have stated that stablecoins have a role to play in the country as well, given the purported lack of P2P payment networks available in the country.

加拿大加密貨幣行業的成員表示，鑑於該國據稱缺乏P2P支付網絡，Stablecoins在該國也可以發揮作用。

Speaking to Cointelegraph on May 13, Coinbase Canada CEO Lucas Matheson said, “It’s really important that we have a stablecoin for Canadians.” He said that the only options currently open were wire transfers, which “cost $45 and take 45 minutes of paperwork.”

Coinbase Canada在5月13日在Cointelegraph上發表講話時，首席執行官Lucas Matheson說：“我們為加拿大人有一個穩定的人，這一點非常重要。”他說，目前唯一開放的選擇是電匯，“花費45美元，需要45分鐘的文書工作”。

Rohani said that Interac e-Transfer, a Canadian funds transfer service, “remains the primary domestic P2P rail, operating through banks and credit unions.”

羅哈尼（Rohani）表示，加拿大基金轉移服務Interac E-Transfer“仍然是主要的國內P2P鐵路，通過銀行和信用合作社運營。”

Canada does have apps like PayPal and Wise, which support international P2P transfers, but those often come with high commissions and slow settlement times compared to stablecoins.

加拿大確實有PayPal和Wise等應用程序，這些應用程序支持國際P2P轉移，但與Stablecoins相比，這些應用程序通常具有高佣金和緩慢的和解時間。

Rohani said that while some crypto platforms allow for P2P transfers, they’re not widely used due to a lack of integration into mainstream financial services.

羅哈尼（Rohani）說，儘管一些加密平台允許P2P轉移，但由於缺乏與主流金融服務的集成，它們並未被廣泛使用。

Demand for more and different digital payment methods is growing in Canada, according to the 2024 digital payments report from Payments Canada, the owner and operator of Canada’s payment clearing and settlement infrastructure.

根據加拿大付款清算和和解基礎設施的所有者和運營商，加拿大的2024年數字支付報告，加拿大對更多和不同的數字支付方式的需求正在增長。

But that demand may not translate directly into stablecoins. Crypto’s “journey towards financial integration among Canadians remains a distant prospect,” the report reads. Some 91% of Canadians have never used crypto as a payment.

但是，這種需求可能不會直接轉化為穩定的。該報告寫道，加密貨幣“加拿大人之間的財務融合之旅仍然是一個遙遠的前景”。約91％的加拿大人從未使用加密貨幣作為付款。

Payments Canada attributes the lack of interest to the assets being perceived as the “least secure payment method among Canadians compared to alternatives such as cash, credit cards, cheques, wire transfers and PayPal.”

加拿大的付款將缺乏利息歸因於被認為是“加拿大人中最不安全的付款方式相比，與現金，信用卡，支票，電彙和貝寶等替代品相比”。

Even in the context of a central bank digital currency, which the crypto industry generally regards as a less favorable option to private, fiat-denominated stablecoins, interest just isn’t there. The survey found that 85% of respondents “did not envision themselves using a digital Canadian dollar and

即使是在中央銀行的數字貨幣的背景下，加密貨幣通常將其視為私人，菲亞特計價的stablecoins的不利選擇，但利息就不存在。調查發現，85％的受訪者“沒有使用數字加拿大美元設想自己