Bank of Canada"s Official: Crypto Needs Regulation Before It Becomes "a Lot Larger"
Bank of Canada’s senior deputy governor says the central bank does not want to wait until crypto “gets a lot larger” before it brings regulatory controls in place. “This is an area that is still small, but it’s growing really rapidly,” the official said. Bank of Canada’s Official Stresses the Importance of Crypto Regulation
Bank of Canada Senior Deputy Governor Carolyn Rogers talked about cryptocurrency regulation in an interview with Reuters Thursday.
“This is an area that is still small, but it’s growing really rapidly. And it is largely unregulated,” she explained, adding: We don’t want to wait until it gets a lot larger before we bring regulatory controls in place.
The total crypto market capitalization has fallen to below $1 trillion following Monday’s sell-off. According to data from Bitcoin.com Markets, the total market cap of the entire crypto market is approximately $918 billion at the time of writing.
According to Canada’s central bank, the share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020.
“Like any asset that’s jumping around in price, people see an opportunity for quick gains,” Rogers added, elaborating: Our concern is they may not understand the risks. They may not even understand that it’s not a regulated area.
The senior deputy governor of the Bank of Canada emphasized that the crypto industry needs to be regulated. “These are somewhat like banking assets, somewhat like capital markets,” she described.
However, Rogers pointed out that there are challenges, stating: One of the challenges is to figure out how do they fit in the current regime, and if they don’t fit, how do we adjust the regime so that they will fit. Tags in this story Bank of Canada, canada central bank, Crypto regulation, Cryptocurrency regulation
What do you think about the comments by Bank of Canada’s senior deputy governor about crypto? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Bank of England"s Governor Warns About Crypto Amid Bloodbath — "Be Prepared to Lose All Your Money" REGULATION | 9 hours ago Bitcoin Fraud-Accused South African Radio Presenter Threatens Legal Action REGULATION | 23 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBank of America: 90% of US Adults Surveyed Plan to Buy Crypto in 6 Months Next articleXOXO Is Flipping the Script and Announcing a Genesis Collection Auction Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether