What does the new liberal Prime Minister Mark Carney mean for encryption

Mark Carney, Canadian economist and prime minister now, is already suffering from a microscope because of his previous notes regarding the encrypted currency.

Carney, who replaced former Prime Minister Justin Trudeau, take Corporation and decisive approach to cryptocurrencies, which is Bitcoin (BTCIn the 2018 letter delivered at the Bank of England. He also shared concerns about private stablecoins and Backed The idea of ​​the central bank currency (CBDC) – a concept that is considered to be many cryptocurrencies through encrypted currencies.

At the same time, Carney has He said On his next 2025 federal election platform that wants to make Canada a pioneer in emerging technologies, including “AI, Tech, and Digital Industries”.

Carney’s previous comments, along with the American trade war on its former trading partners, raised questions about the economic platform of the Prime Minister and any part, if any, will play.

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Bitcoin A “weak store of value”

While working as a ruler of England, Carney criticized the cryptocurrency as not sufficient to achieve all the three currency functions: a valuable store, a method of exchange and an account unit.

Treating the question, “To what extent does the cryptocurrencies meet the roles of money?” He said: “The long charitable answer is that the cryptocurrencies work as money, at best, only for some people and even to a limited extent, and until then in parallel with the traditional currencies of users.”

“The brief answer is that they fail.”

He also participated in his concern about the private Stablecoins in Andrew Crocate 2021. Carney that the private Stablecoins needs a regulatory model with “equivalent protection for those for commercial bank funds”, such as liquidity requirements, central bank eligibility and the means of compensation for depositors.

He also stated that the system that contains many competing stablecoins can “drink the liquidity of the monetary system and select the role of money as a format.”

Carney claimed that the Central Bank of Digital Bank (CBDC), especially CBDC retail, with API’s arrival to organized private companies-can prevent this retail from occurrence, as well as PRO-CBDC more likes like miracle leveling times.

Carney calls for the regulation of encryption, not suffocating innovation

In an interview with Bloomberg in 2018, Carney said he wanted to raise the area of ​​the cryptocurrency to a level with the rest of the financial industry. At that time, he said that there was a “lot of temptation” to manipulate the market, fraud and other misconduct in exchanging encryption.

“The best in encrypted currencies, I would like to suggest, will be attracted to the best stock exchanges if they are organized,” he said.

Related to: Canada National Bank hints at Handish Take on Bitcoin

Carney also claimed that it was good if some cryptocurrencies “fall on the side of the road” with the organization. “It is an honor for me to be part of the financial system, and to be connected to the financial system. The responsibilities come with these privileges.

Despite his most doubtful comments in encrypted currencies, Carney said in his 2018 speech that policy makers should make sure not to strangle innovation.

He said that “basic technologies are exciting” and that legislators should not curb solutions that can “improve financial stability; support more innovative, effective and reliable payment services as well as broader applications.”

Carney also supports the implementation of other emerging technologies in government management and made Canada more competitive in technology. Its platform aims to reduce efficiency through artificial intelligence, machine learning and “building a very competitive public service and enabling technology.”

Canada elections waved on the horizon against the pro -profit candidate

Canadian federal elections are scheduled to take place no later than October 20, 2025, and can be called up even before.

Carney will face the conservative candidate Pierre Poilievre, who himself has made a number of data supporters. In 2022, it is to publish On X, he wanted to make Canada a Blockchain center and “expand the choice, reduce the costs of financial products, [and] Creating thousands of jobs. “

During the Conservative Party leadership elections, he said that cryptocurrencies will allow the Canadians to “control” their money.

Related to: Why may not be Pierre Poiliencevre

However, the Canadian Cointelgraph observers and Canadian policy observers have been unlikely to be a major worker in the upcoming elections, unlike its neighbor in the south.

“The truth is that most Canadians are either indifferent or skeptical of encryption, and the biggest issues such as the ability to bear costs, housing, inflation, and migration, control political conversation,” Murfa Rohani, Executive Director of the Uncomfortable Trade Association of the Canadian Web3 Council told Cointelgraph.

To these economic concerns are added to the trade war with the United States, which started when President Donald Trump imposed a tariff on Canada, Mexico and China – three of the main commercial partners in his country.

Trumpo’s response to Trump’s introductory threats have witnessed that the liberals closed their gap in the polls, which showed earlier this year the conservatives they were decisively expected. Carney’s response to anti -US economic policies may be more than a major factor in victory than his position on encrypted currencies.

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