The vice president of the Reserve Bank of Canada said that the crypto industry needs to be regulated before it grows any further.
With the Terra collapse, global authorities have been alarmed over the crypto industry. Authorities continue their calls for regulation of the crypto industry.
The Bank of Canada expressed the urgency of making new regulations before the industry could grow further.
Bank of Canada Deputy Governor Carolyn Rogers told Reuters that more people are entering the crypto industry and that is why the industry needs to be regulated as soon as possible.
Rogers stated that he is worried that a sharp price drop in the crypto sector could affect the entire financial system:
“Although the industry is still small, it continues to grow rapidly. We don’t want to wait for it to grow much further before we introduce regulations”
13% of Canadians own Bitcoin, according to a 2021 survey by the Bank of Canada. This means an increase of 5% compared to the previous year.
