Mark Carney, a Canadian economist and now designed by the Prime Minister, is under the microscope for his previous comments on cryptocurrency.
Carney, who replaced former prime minister Justin Trudeau, taken A measured and critical approach to cryptocurrencies, especially bitcoin (Btc), in a 2018 speech he made at the Bank of England. He also shared concerns with private stablecoins and Supported The idea of a central bank currency (CBDC) – a concept that many crypto purists are considered antithetic to cryptocurrencies.
At the same time, Carney has Says On his platform for the upcoming 2025 federal election he wanted to lead Canada to the emerging technology, including the “AI, tech, and digital industry.”
Carney’s earlier statements, along with the US trade war with former trading partners, raised questions about the economic minister-designated economic platform and what part, if any, the crypto played.
https://www.youtube.com/watch?v=e-6hzlw0_1g
Bitcoin a “hard value store”
While serving as governor of the Bank of England, Carney criticized the seminal cryptocurrency Bitcoin that was not enough to fulfill all three monetary operating: a value store, a medium of exchange and an account unit.
Money functions. Source: Bank of England
Responding to the question “How well do cryptocurrencies fulfill money duties?” He said, “The long, charitable answer is that cryptocurrencies act as money, at best, just for some people and to a limited extent, and even in parallel with traditional users’ money.”
“The short answer they failed.”
He also shared his concern for private stablecoins in the 2021 Andrew Crockett Memorial Lecture. Carney said private stablecoins require a regulatory model with “equivalent protection for commercial bank currency money,” such as liquidity requirements, eligible for central bank and ways to pay depositors.
He also said that a system containing many competing stablecoins can “fragment the liquidity of the financial system and to eliminate the role of money as a coordination device.”
Carney argued that a Central Bank Digital Currency (CBDC), especially a retail CBDC with API access to regulated, private companies-could avoid such fragmentation, in addition to the more common pro-CBDC arguments such as accelerated settlements.
Carney called for crypto regulation, not to be able to seal the change
In a Bloomberg interview in 2018, Carney said he wanted to bring the cryptocurrency space to the standard with the remaining financial industry. He said at the time that there was “many temptations” for market manipulation, fraud and other wrongdoing in crypto exchanges.
“The best of the cryptocurrencies, I suggest, is to conquer the best of exchanges if they are regulated,” he said.
Related: National Bank of Canada suggests to Bearish to take on Bitcoin
Carney further said it would be a good thing if some cryptocurrencies were “falling along the way” with regulation. “It is a privilege to be part of the financial system, which is connected to the financial system. And responsibilities are among the privileges,” he said.
Despite his more skeptical comments towards cryptocurrencies, Carney said in his 2018 speech that policy manufacturers should be careful not to change the change.
He said “underlying technologies are Kapana -excitement” and lawmakers should not prevent solutions that may “improve financial stability; support more innovative, efficient and reliable payment services as well as with greater applications.”
Carney also supports the implementation of other emerging technologies in government management and makes Canada more competitive with tech. His platform aims to reduce the efficiency of AI and machine study and “develop a highly competitive, public service-enabled service.”
Canadian election loom against the pro-Crypto candidate
The Canadian federal election ended up happening no later than October 20, 2025, and could be called even earlier.
Carney will face conservative frontrunner Pierre Pilievre, who has made a number of pro-crypto statements. In 2022, he Na -Post In X that he wants to make Canada a blockchain hub and “expand the choice, lower cost of financial products, (and) create thousands of jobs.”
In the election of the conservative party’s leadership election, he said cryptocurrencies will allow the people to “control” their money.
Related: Why Pierre Poilievre may not be Canada’s crypto savior
However, observers in the Canadian crypto industry and Canadian politics told Cointelegraph that crypto is not likely a major factor in the upcoming election, unlike its south neighborhood.
Morva Rohani, Executive Director of the Canadian Web3 Council NonProfit Trade Association, told Cointelegraph, “The fact is that most of the people are either indifferent or skeptical about Crypto, and the bigger issues such as adaptation, housing, inflation and immigration prevail over politics.”
Added to economic concerns was the US trade war in the US, which President Donald Trump began to impose tariffs in Canada, Mexico and China – three of his country’s major trade partners.
Trudeau’s response to Trump’s tariff threats saw liberals closing their space in polls, which earlier this year showed conservatives that were definitely early. Carney’s response to US -economic economic policies may be more of a major factor in success than his stance on cryptocurrencies.
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