The Canadian government has reportedly launched a consultation on cryptocurrencies, stablecoins and central bank digital currencies (CBDCs) on 3 November. The government said the country’s financial system regulation needs to keep up with the development and transformation of its financial system brought by the rise in cryptocurrencies and the digitalization of money. It also revealed the intention to launch a financial sector legislative review focused on digitalization of money and maintaining financial sector stability and security to address the problems of using digital assets and cryptocurrencies for avoiding global sanctions and fund illegal activities domestically and abroad..