Bank of Canada Plans to Strengthen Digital Currency Regulation

According to reports on June 10th, a senior Bank of Canada official said that as the number of people owning digital assets was growing rapidly, regulation of the industry is needed to keep pace.

As the digital assets gradually integrate into the Canadian investment market, huge price fluctuations will eventually impact the existing financial system. The value of global digital assets has soared from US$200 billion two years ago to a recent peak of US$3 trillion. Canadians owning Bitcoin increased from 7% in 2020 to 13% in 2021. But the recent collective slump in digital currencies has caused many investors to suffer heavy losses.

Although Canada’s current digital asset market is not sizeable, it is growing rapidly and largely outside the control of government agencies. Therefore, Bank of Canada Senior Deputy Governor Carolyn Rogers said, “We don’t want to wait until it gets a lot larger before we bring regulatory controls in place.”

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