Newspaper article The Canadian Press

Cryptocurrencies Aren't Financial State Risk, but Likely to Be Regulated: Carney

Newspaper article The Canadian Press

Cryptocurrencies Aren't Financial State Risk, but Likely to Be Regulated: Carney

Article excerpt

Cryptocurrencies likely to be regulated: Carney

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TORONTO - Bank of England governor Mark Carney says cryptocurrencies aren't a risk to the financial state, but he thinks they will be subject to some form of regulation.

The former Bank of Canada governor and so-called rockstar of finance says cryptocurrencies pose a challenge for market integrity because "a huge amount" of illicit activity is run through them.

His remarks came as he spoke to business heavyweights and economy-watchers at the Public Policy Forum's Canada Growth Summit in Toronto.

Despite the abuses of cryptocurrencies, he says they aren't a risk to the financial state because they're still small and not connected to the financial system.

While still relatively small compared with the established system, he says the emergence of such currencies is part of a broader reorganization of the economy and radically challenging the existing payment system. …

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