Carney stated that private stablecoins need a regulatory model with “equivalent protections to those for commercial bank money,” like liquidity requirements, central bank eligibility and means to compensate depositors. He also stated that a system that contains multiple competing stablecoins can “fragment the liquidity of the monetary system and to detract from the role of money as a coordination device.”Carney contended that a central bank digital currency (CBDC), particularly a retail CBDC with API access to regulated, private firms — could prevent such fragmentation from happening, in addition to more common pro-CBDC arguments like expedited settlement times. Carney calls for crypto regulation, not to stifle innovation In 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.
Morva Rohani, executive director of the Canadian Web3 Council nonprofit trade association, told Cointelegraph, “The 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.”Added to those economic concerns is the trade war with the US, which started when President Donald Trump imposed tariffs on Canada, Mexico and China — three of his country’s major trading partners. Trudeau’s response to Trump’s tariff threats has seen the Liberals close their gap in the polls, which earlier this year showed the Conservatives as decisively ahead.
Despite his more skeptical comments toward cryptocurrencies, Carney said in his 2018 speech that policymakers should be careful not to stifle innovation. He said that the “underlying technologies are exciting” and that lawmakers shouldn’t restrain solutions that can “improve financial stability; support more innovative, efficient and reliable payment services as well as have wider applications.”Carney is also supportive of implementing other emerging technologies in government administration and making Canada more competitive in tech.
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