Friday, April 19, 2024

According to Bank of Canada, cryptocurrency poses no significant risk to the economy at this time

Taking an anti-crypto stance is the prevalent trend of financial institutions like banks. From the Bank of Russia to the Reserve Bank of India, various national banks have been against Bitcoin and crypto adoption. The argument from their end mostly revolves around the possibility of national currency destabilization. It has also been the school of thought for many institutional heads and leaders. In the United States of America, veteran leader Hilary Clinton recently said that unregulated crypto-assets pose a threat to national security and economic stability. Her fear revolved around the devaluation of the US dollar and the influence of China and Russia on the American economy. In what seems to be an exception, the Bank of Canada declared that there is no significant risk associated with cryptocurrencies at present and in the near future.

Paul Beaudry, governor of the Bank of Canada, said that Bitcoin and other cryptocurrencies do not pose a threat to the Canadian economy at this time and would not have a foreseeable effect. He made these comments at a dialogue of national importance with high-profile attendees.

Canada has been one of the most pro-crypto countries in the world. It was the first country to approve a Bitcoin-backed exchange-traded fund and is the fourth largest contributor to Bitcoin hash rates in the world. An assuring statement by one of the top financial authorities makes it evident that Canada is considering a ban on cryptocurrency or more stringent regulations.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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