New Canadian PM Opposes Crypto Industry

Mark Carney is about to become the next Prime Minister of Canada, having won 85.9% of the vote to lead the nation. However, the former Bank of Canada and Bank of England governor has long been critical of the cryptocurrency sector.

On 9 March, Carney won a landslide victory with 85.9% of the vote and is expected to officially take office in the coming days.

Carney's Vision of the Crypto World - Is There a Future in Canada?

Mark Carney is the new Prime Minister of Canada, replacing Justin Trudeau, who stepped down from office in January 2025 after more than ten years in government.

Although Carney has no parliamentary experience, his career in managing economic crises and his international reputation have guaranteed him strong support within the Liberal Party. However, this is not good news for cryptocurrency enthusiasts, as Carney is not a supporter of Bitcoin and decentralised cryptocurrencies. During his tenure as Governor of the Bank of England, he reiterated this position several times.

Following the news of his election, crypto enthusiast EdGerald commented on X (formerly Twitter):

"Canada's new Prime Minister, Mark Carney, a well-known critic of Bitcoin, has in the past referred to BTC as a currency with serious shortcomings."

This comment refers to a speech Carney gave in 2016 on the future of money. On that occasion he stated:

"The fixed supply of Bitcoin has triggered a global speculative frenzy, encouraging the proliferation of new cryptocurrencies."

Carney likened Bitcoin to a "Criminal Act of Amnesia", pointing out that the attempt to recreate a digital asset similar to gold is a historical mistake. He described Bitcoin and other cryptocurrencies as short-term instruments of value that do not meet the basic criteria of money, such as usability and stability.

He also warned that Bitcoin threatens financial stability if it is not properly regulated. He emphasised the need for strict control over the currency to prevent terrorist activities and money laundering.

Despite his rigid stance on cryptocurrencies, Carney is instead in favour of central bank digital currencies (CBDC). According to him, CBDCs have the potential to expand access to banking services for businesses, while providing full government control over the fight against terrorism and illicit activities.

One X user commented:

"Carney calls Bitcoin's fixed supply a crime, supports CBDCs and now controls the economic policy of a $1.9 trillion country."

Mark Carney's view on cryptocurrencies is more rigid than previous leaders. He may not be a fan of cryptocurrencies, but he will have to adapt to the sector, considering that these digital assets represent the future of economic stability.