Bank of Canada: Crypto Needs to Be Regulated Before it Gets Too Big
The recent price plunge of cryptocurrencies has alarmed global authorities about the risk in some projects – like Terra’s ecosystem. In the context that regulatory overhauls targeting the industry may be around the corner, the Central Bank of Canada also voiced the urgency of imposing such rules before the sector has become so big.
Carolyn Rogers – Bank of Canada Senior Deputy Governor – said in an interview with Reuters that regulating the industry has become increasingly pressing as more people have invested in the asset class. She was worried that as the industry keeps growing rapidly, attracting new investors who may not understand the risk involved, a violent price drop may eventually lead to a spillover effect onto the broader financial system.
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