A senior deputy governor of the Bank of Canada said the central bank does not want to wait until crypto “gets bigger” before introducing regulatory controls.” This is still a small but really fast growing area.” This official stated.
Bank of Canada Official Highlights Importance of Crypto Regulation
Bank of Canada Senior Deputy Governor Carolyn Rogers spoke about cryptocurrency regulation in an interview with Reuters on Thursday.
“This is still a small area, but it is growing really fast. And it’s largely unregulated,” she explained, adding.
We don’t want to wait for it to get bigger before we introduce regulation.
Total crypto market capitalization fell below $1 trillion following Monday’s sell-off, according to data fromBitcoin.com MarketsThe total crypto market capitalization is roughly $1 trillion. The total market capitalization of the entire crypto market is approximately $918 billion at the time of this writing, according to data from
According to the Central Bank of Canada, the percentage of Canadians who own bitcoin more than doubled from 5% in 2020 to 13% in 2021.
“Like other assets whose prices have jumped, people are seeing opportunities for quick gains,” Rogers added, elaborating.
Our concern is that they may not understand the risks. They may not even understand that they are not regulated.
The senior deputy governor of the Bank of Canada stressed that the crypto industry needs to be regulated.” These are somewhat like banking assets, somewhat like capital markets,” she explained.
However, Rogers noted that there are challenges, stating.
One of the challenges is how to adapt to the current regime, and if not, how to adjust the regime to fit.
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