Cryptocurrencies such as Bitcoin (BTC) do not pose a significant risk to the financial system at the current level of acceptance. According to Bank of Canada Deputy Governor Paul Beaudry
Beaudry talk aboutRisks to the stability of the Canadian financial system at the Ontario Securities Commission Dialogue 2021 on Tuesday.
when asked cryptocurrencies Is there a risk? The deputy governor replied that “Until now, Bank of Canada does not think crypto is evolving in a way that creates systemic risks for the financial system.”
But as the crypto market grows with more people coming in to invest, the crypto market becomes more risky. The official said: “We have not yet reached the point where we think this is a huge risk to the economy. But this is something we are closely watching.”
Beaudry also emphasizes that cryptocurrencies Classics like Bitcoin don’t play a big role in payments. Because investors buy BTC “mostly for speculation”.
But there are also digital assets such as stablecoins, which are backed by fiat assets and currencies, which may play a larger role in payments. “That’s what we’re watching,” Beaudry added.
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