TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Bank of Canada’s Paul Beaudry says cryptos don’t threaten the economy

by souhaib
November 25, 2021
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


Paul Beaudry, the Deputy Governor of the Bank of Canada, believes the crypto space does not pose a significant threat to the financial system, at least not at the moment. He shared his thoughts on the matter during the Ontario Securities Commission Dialogue 2021 on November 23.

During the forum, Beaudry said cryptos have not yet attained adoption levels that can threaten the economy. The central bank official added that the Bank of Canada has been keeping an eye on the crypto sector.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

He, however, noted that the central bank does not think the crypto industry is developing in a way that creates a systemic type of risk for the Canadian financial system.

According to him, cryptos are very removed from the country’s financial system. Nonetheless, he believes that the crypto industry could potentially create a vulnerability in Canada’s economy if it continues growing and getting more adoption from retail investors.

Beaudry added that the Bank of Canada has not yet reached a point where it considers crypto a massive risk for the economy. Even so, he asserted that the authority is keeping a close eye on the rapidly-growing digital asset sector.

Most cryptos do not play a role in payments

The central banker added that although enthusiasts tout most cryptos as payment options, they do not play a significant role in payments. He further noted that most of the coins in the market are speculative assets.

However, Beaudry believes stablecoins, which are dissimilar to conventional cryptos like Bitcoin (BTC/USD), have the potential to disrupt payments.

He added that the Bank of Canada is observing how things are playing out in the stablecoin market. Beaudry claims it is important to monitor how the payments system is evolving and the different players that are driving this evolution. In so doing, he believes central banks would be in a position to distinguish the roles that various coins play.

This news comes as Canada continues positioning itself as a crypto-friendly jurisdiction. In February this year, the country approved the first ETF based on BTC’s spot market.

Additionally, it opened its doors to BTC miners after China’s ban. According to data from the Cambridge Bitcoin Electricity Consumption Index, Canada was the fourth-largest BTC hashrate generator as of August.

Canada’s regulators also gave Fidelity Investments the go-ahead to launch the first institutional BTC custodial service earlier this month.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,

eToro






10/10

67% of retail CFD accounts lose money



Source link

You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Government confirms its support for a football regulator within 12 hours of Tracey Crouch’s report

Next Post

Top DeFi 2.0 projects to take off next year 2021

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Top DeFi 2.0 projects to take off next year 2021

No Result
View All Result

Recent Posts

  • Will Smith’s Letterman Interview Hits Different Post-Oscar Slap
  • Bankruptcy Recovery Kit. Recover Quickly & Properly From Bankruptcy! 90% off Discount
  • flood damage restoration service | Best Flood Damage Restoration Service
  • WordPress Speed – Increase WordPress Speed Reviews 2022
  • First Minister Nicola Sturgeon tests positive for Covid-19

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.