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Cryptos Do not Pose Massive Risks to Financial System, Says Bank of Canada Official

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Canadian dollars and clock.A conceptual image referring to the saying time is money.

Cryptocurrencies like Bitcoin do not present any major risks to the financial system at their current rate of adoption, says Paul Beaudry Bank of Canada deputy governor.

Source: CoinTelegraph

BTC USD up +2.50%

Beaudry was speaking about the risks to the stability of the Canadian financial system at the Ontario Securities Commission Conference 2021 on Tuesday.

The deputy governor stated that the Bank of Canada did not think that crypto is “developing in a way that creates a systematic nature of risk for a financial system” for now.

Beaudry further noted that cryptocurrencies are “quite removed from the conventional financial system.”

Meanwhile, as the cryptocurrency market expands, with more people continuing to invest, the central bank official warned that crypto might become a risk to a certain level of vulnerability.

Canada is becoming one of the world’s most crypto-friendly economies, becoming the first nation to approve a Bitcoin ETF.

 

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