Such a reduction in our outlook for exports may sound odd, given the depreciation of the Canadian dollar against the US dollar. However, some of our competitors have also seen large depreciations in their currencies.
If and when stablecoins become live and reach global scale, they will have a different impact in different jurisdictions. Scale is important here. What we want to see is international cooperation and coordination on regulatory approaches, potentially leading, as needed, to international standards – which we already have in some fields such as payments.