Crypto Regulations Need To Keep Pace With Market Growth: Bank Of Canada

Author : Dhowcruise
Publish Date : 2022-06-11 00:00:00


Crypto Regulations Need To Keep Pace With Market Growth: Bank Of Canada

The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."

The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system. "This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday. "We don't want to wait until it gets a lot larger before we bring regulatory controls in place." The value of the global crypto asset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers. "Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."The number of Canadians who own crypto assets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin. The issue is growing more pressing as crypto assets become integrated into Canada's financial system, i



Category :travel

PM Slams Dynastic Parties, Says Concerned About Democracy

PM Slams Dynastic Parties, Says Concerned About Democracy

- The Prime Minister mentioned the woman voters in the elections and said that in the places where they have outnumbered


3 Men Dupe Builder Of Rs 3 Crore By Giving Him Fake Gold Coins

3 Men Dupe Builder Of Rs 3 Crore By Giving Him Fake Gold Coins

- While ₹ 2.18 crore has been recovered from the accused, who were held on July 21, a probe is underway to find


We Will Work On Bettering Our Performance At Commonwealth Games: Navneet Kaur

We Will Work On Bettering Our Performance At Commonwealth Games: Navneet Kaur

- The FIH World Cup did not go as expected for the Indian womens hockey team but strikerNavneetKaur


Daniil Medvedev Replaces Novak Djokovic As World Number One

Daniil Medvedev Replaces Novak Djokovic As World Number One

- Daniil Medvedev succeeded Novak Djokovic as world number one on Monday, becoming the first man since 2004 outside



Category