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Bank of Canada’s Official: Crypto Needs Regulation Before It Becomes ‘a Lot Larger’

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The senior deputy governor of the Bank of Canada says the central bank doesn’t want to wait until the cryptocurrency “gets a lot bigger” before it puts in regulatory control. “This is a small area, but it is growing very fast,” the official said.

Bank of Canada official highlights the importance of regulating cryptocurrencies

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Bank of Canada Senior Deputy Governor Carolyn Rogers spoke about the regulation of cryptocurrencies in an interview with Reuters on Thursday.

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“It’s a small area, but it’s growing very fast. And it’s largely unregulated,” she explained, adding:

We don’t want to wait for it to get much bigger before we introduce regulatory controls.

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The total market capitalization of cryptocurrencies fell below $1 trillion after Monday’s selloff. According to data from Marketsthe total market capitalization of the entire crypto market at the time of writing is approximately $918 billion.

The proportion of Canadians owning bitcoin has more than doubled to 13% in 2021 from 5% in 2020, according to Canada’s central bank.

“Like any asset that jumps in price, people see an opportunity for quick profits,” Rogers added, elaborating:

We are concerned that they may not understand the risks. They may not even realize that this is an unregulated territory.

The senior deputy governor of the Bank of Canada stressed that the crypto industry needs to be regulated. “It’s kind of like banking assets, kind of like capital markets,” she described.

However, Rogers indicated that there were problems, stating:

One of the challenges is to figure out how they fit into the current regime, and if they don’t, how do we adjust the regime so they fit in.

What do you think of the Bank of Canada Senior Deputy Governor’s comments on cryptocurrencies? Let us know in the comments below.

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