Mark Carney: How the rise of Mark Carney will affect Canada Cryptographic Industry

Mark Carney’s victory is considered a major change in the future of Canada crypto walk. With profound knowledge and fundamental expertise in finance and in World Bank, its role arises at a time when Canada faces prices and growing threats from their neighbor, the United States.Carney prefers economic stability, measured policies and considers cryptocurrency as uncertain and unfit. Although the conservative leader, Pierre Poilievre, pleaded for decentralized finances and wanted to make Canada a world hub for blockchain technology, Carney has repeatedly expressed his skepticism towards cryptocurrencies.
In his 2018 speech at the Bank of England, he described Bitcoin as a “bad reserve of value”.
“It is not a reserve of value because it is everywhere on the card. No one uses it as a means of exchange,” added Carney.

He believes that cryptocurrencies are only useful in specific circumstances and that bitcoin and other cryptocurrencies can only play an economic function in conjunction with the Fiat currency. According to him, the Stablescoin market could fragment liquidity in the monetary system and weaken the role of money as a coordination device.

He thinks that CBDCs can offer the advantages of digital currencies while maintaining the stability and surveillance associated with traditional Fiat systems and wish to develop digital currencies of the central bank as a tool to make the institutions inclusive and fight against economic scams. Carney aims to integrate cryptographic industry into the consumer financial system while ensuring that innovation continues to prosper. He said: “Underlying technologies are exciting, but solutions must improve financial stability, while supporting more innovative and reliable payment services.”

How the cryptography industry reacts

Platforms like Polymarket have anticipated his victory, but many investors remain suspicious of his regulatory position. Some in the sector recognize its opening up to innovation, citing its “somewhat pro-Crypto” label of Stand with Crypto, but others fear strong regulations on decentralized finances. With the United States accelerating its crypto program AssetThe votes of the industry urge Carney to clarify if Canada will embrace the future or regulate it.

Carney wants to position itself as a responsible leader, which means that Canada should impose more strict regulations on private cryptocurrencies, which can limit the growth of cryptographic markets, aligning them with existing financial standards to prevent problems such as money laundering and market manipulation.