David Dodge and Robert Fay, managing director of digital economy at the Centre for International Governance Innovation (CIGI), write in the Globe and Mail on three essential steps that Canada must take to fully harness the digitalization of money:

• Canadian governments and service providers need to work together to deliver what has already been placed on the agenda; namely, a modernized payments system and secure data transfer to facilitate open banking.
• Canada requires a thoroughly updated legislative framework for privacy and data management and the adoption of industry standards for digital identification.
• Regulatory gaps must be remedied. Existing regulatory frameworks are ill-suited to deal with new and emerging market structures.

David and Robert co-author a new report on Canada and the Digitalization of Money, with key takeaways from a virtual conference of international and Canadian experts, organized by Bennett Jones and CIGI.

David and Robert's op-ed in the Globe and Mail is available to subscribers here.