{"id":124781,"date":"2025-03-10T17:32:32","date_gmt":"2025-03-10T17:32:32","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124781"},"modified":"2025-03-10T17:32:32","modified_gmt":"2025-03-10T17:32:32","slug":"what-canadas-new-liberal-pm-mark-carney-means-for-crypto","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124781","title":{"rendered":"What Canada\u2019s new Liberal PM Mark Carney means for crypto"},"content":{"rendered":"

Source: Cointelegraph.com NewsMark Carney, a Canadian economist and now Prime Minister-designate, is already under the microscope for his previous remarks regarding cryptocurrency.\u00a0
\nCarney, who replaced former Prime Minister Justin Trudeau, took a measured and critical approach to cryptocurrencies, namely Bitcoin (BTC), in a 2018 speech he made at the Bank of England. He also shared concerns over private stablecoins and supported the idea of a central bank currency (CBDC) \u2014 a concept many crypto purists regard as antithetical to cryptocurrencies.
\nAt the same time, Carney has said in his platform for the upcoming 2025 federal elections that he wants to make Canada a leader in emerging technologies, including \u201cAI, tech, and digital industries.\u201d
\nCarney\u2019s previous statements, along with the US trade war on its former trading partners, have raised questions over the Prime Minister-designate\u2019s economic platform and what part, if any, crypto will play.
\nBitcoin a \u201cpoor store of value\u201d
\nWhile serving as governor of the Bank of England, Carney criticized the seminal cryptocurrency Bitcoin as being insufficient in fulfilling all three of the functions of a currency: a store of value, a medium of exchange and a unit of account.\u00a0
\nFunctions of money. Source: Bank of EnglandAddressing the question \u201cHow well do cryptocurrencies fulfill the roles of money?\u201d he said, \u201cThe long, charitable answer is that cryptocurrencies act as money, at best, only for some people and to a limited extent, and even then only in parallel with the traditional currencies of the users.\u201d
\n\u201cThe short answer is they are failing.\u201d
\nHe also shared his concern over private stablecoins in the 2021 Andrew Crockett Memorial lecture. Carney stated that private stablecoins need a regulatory model with \u201cequivalent protections to those for commercial bank money,\u201d like liquidity requirements, central bank eligibility and means to compensate depositors.\u00a0
\nHe also stated that a system that contains multiple competing stablecoins can \u201cfragment the liquidity of the monetary system and to detract from the role of money as a coordination device.\u201d
\nCarney contended that a central bank digital currency (CBDC), particularly a retail CBDC with API access to regulated, private firms \u2014 could prevent such fragmentation from happening, in addition to more common pro-CBDC arguments like expedited settlement times.\u00a0
\nCarney calls for crypto regulation, not to stifle innovation\u00a0
\nIn a Bloomberg interview in 2018, Carney said that he wanted to bring the cryptocurrency space up to standard with the rest of the financial industry. He said at the time that there was \u201clots of temptation\u201d for market manipulation, fraud and other misconduct on crypto exchanges.\u00a0
\n\u201cThe best of the cryptocurrencies, I would suggest, will gravitate to the best of the exchanges if they\u2019re regulated,\u201d he said.
\nRelated: National Bank of Canada hints at bearish take on Bitcoin
\nCarney further claimed that it\u2019s a good thing if some cryptocurrencies \u201cfall by the wayside\u201d with regulation. \u201cIt is a privilege to be part of the financial system, to be connected to the financial system. And responsibilities come with those privileges,\u201d he said.
\nDespite his more skeptical comments toward cryptocurrencies, Carney said in his 2018 speech that policymakers should be careful not to stifle innovation.\u00a0
\nHe said that the \u201cunderlying technologies are exciting\u201d and that lawmakers shouldn\u2019t restrain solutions that can \u201cimprove financial stability; support more innovative, efficient and reliable payment services as well as have wider applications.\u201d
\nCarney is also supportive of implementing other emerging technologies in government administration and making Canada more competitive in tech. His platform aims to reduce inefficiencies with AI and machine learning and \u201cbuild a highly competitive, technology-enabled public service.\u201d
\nCanada election looms against pro-crypto candidate
\nThe Canadian federal elections are slated to happen no later than Oct. 20, 2025, and could be called even earlier.
\nCarney will face Conservative frontrunner Pierre Poilievre, who himself has made a number of pro-crypto statements. In 2022, he posted on X that he wanted to make Canada a blockchain hub and \u201cexpand choice, lower costs of financial products, [and] create thousands of jobs.\u201d
\nDuring the Conservative Party\u2019s leadership election, he said that cryptocurrencies would let Canadians \u201ctake control\u201d of their money.
\nRelated: Why Pierre Poilievre may not be Canada\u2019s crypto savior
\nStill, observers of the Canadian crypto industry and Canadian politics have told Cointelegraph that crypto is unlikely to be a major factor in the upcoming elections, unlike its neighbor to the south.
\nMorva Rohani, executive director of the Canadian Web3 Council nonprofit trade association, told Cointelegraph, \u201cThe reality is that most Canadians are either indifferent or skeptical about crypto, and larger issues like the affordability crisis, housing, inflation and immigration dominate the political conversation.\u201d
\nAdded to those economic concerns is the trade war with the US, which started when President Donald Trump imposed tariffs on Canada, Mexico and China \u2014 three of his country\u2019s major trading partners.\u00a0
\nTrudeau\u2019s response to Trump\u2019s tariff threats has seen the Liberals close their gap in the polls, which earlier this year showed the Conservatives as decisively ahead. Carney\u2019s response to the US\u2019 hostile economic policies may be more of a key factor to victory than his stance on cryptocurrencies.\u00a0
\nMagazine: SEC\u2019s U-turn on crypto leaves key questions unansweredRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsMark Carney, a Canadian economist and now Prime Minister-designate, is already under the microscope for his previous remarks regarding cryptocurrency.\u00a0 Carney, who replaced former Prime Minister Justin Trudeau,… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124781"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124781"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124781\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124781"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}