The core of what I was trying to communicate is that we have established regulation that governs particular types of activities. It's in the interests of the Canadian people to ensure, wherever possible, that we achieve consistency across that.
I can give an example. Within the context of making payments—for example, on a peer-to-peer or a person-to-merchant basis—we should strive to have anti-money laundering with sanctions, screening and KYC requirements applied consistently across those, whether one is using a peer-to-peer app, a Bitcoin, a credit card or some other form of payment technology. Otherwise, we see regulatory arbitrage and we see activity flowing towards less regulated and less effectively supervised aspects of the payment system.