Mark Carney, the Canadian economist and actual Governor of the Bank Of England, has stated again his opinions about cryptocurrencies on a speech given at the Public Policy Forum’s Canada Growth Summit in Toronto. He declared that despite the huge amount of illicit activities linked to the use of cryptocurrencies, they pose no risk to the economic world system as it is today; this, according to a report of a local newsletter, The Star.
Mark Carney has been an important economist and has taken different relevant roles in several banks: He has been Governor of the Bank of Canada, and Governor of the Bank of England; being also the youngest member to reach these positions. So his positions are of extreme importance because they likely represent the general take of economists on the subject.
Yet, Mark Carney calls for future regulation, because he admits that even if the cryptocurrency market is still small compared to other markets, it is an innovative new form of making trades and payments and it should not be ignored.
He also got to criticize the existence of exchanges that trade money for cryptocurrencies citing security issues and questioning their legality. on the issue, he stated:
There are these exchanges where you transfer your Canadian dollars for a cryptocurrency and those in general are unregulated and in some cases, there’s plenty of serious abuse or at a minimum, they are very porous to a cyber attack and theft and they just do not meet the standards”
He closed his speech by calling for more monitorization of crypto assets. The opinions about his stance on cryptocurrencies can vary, but he has at least been consistent on it. He took the same posture and gave almost the same opinion in the G20 economic summit, calling for adjustments on actual regulation to tackle the cryptocurrency issue, and disregarded more energic moves towards it.