Mark Carney Takes the Helm: Canada’s Crypto Future Hangs in the Balance

Mark Carney—former Bank of England governor and crypto-skeptic-turned-optimist—just landed the top job in Canadian politics. What does this mean for Bitcoin ETFs, stablecoin regulation, and the 12% of Canadians already holding digital assets?

Carney’s track record swings from calling crypto a ’failure’ in 2022 to praising blockchain’s ’transformative potential’ by 2024. Now he’s got the power to turn those words into policy—if he can navigate Canada’s notoriously bureaucratic financial oversight system.

Key areas to watch: Will he fast-track the crypto-licensing backlog at FINTRAC? Push for a digital loonie to compete with private stablecoins? Or quietly let banks keep throttling crypto purchases ’for your own protection’?

One thing’s certain: the crypto industry just gained a PM who actually understands monetary policy—which is more than most governments can say. Now let’s see if that knowledge translates to action, or gets buried under political compromises and banking lobbyists’ long lunches.

In Brief

• Mark Carney becomes Prime Minister of Canada after a stunning victory.
• Carney opposes Trump and American economic policies.
• He criticizes cryptocurrencies, advocating strict regulation and CBDCs.
• Carney supports innovation, but within a regulated and secure framework.

A Victory Marked by Crisis and Economic Pragmatism

Mark Carney succeeded in convincing Canadians that he was the, the one. And not the pro-crypto candidate Pierre Poilievre. His exceptional background in finance, notably during the 2008 crisis, made him a respected figure beyond Canadian borders. But his political rise also coincided with. 

While Canada was bearing the full effects of tariffs imposed by the Trump administration, Carney established himself as the leader capable of standing up to this external pressure. 

In his victory speech, he clearly expressed his, describing Trump’s attempts as “betrayal” and calling for strengthened national unity to face this new reality. 

“The Americans want our country, our resources, our water,” he declared. 

In this stance, Carney distinguishes himself from his main rival,, a conservative who often had. Poilievre’s alignment with some pro-Trump figures, like Elon Musk and crypto leaders, however, has worked against him, while Carney played on his reputation as a pragmatic technocrat, keen to defend Canada’s interests above all.

The Anti-Trump Profile: An Asset for Canada?

The relationship between Carney and Donald Trump is not new. As a former governor of the Bank of England,, notably at international meetings where Trump defended his protectionist and populist vision. Carney has never hidden his opposition to the trade policies of the former American administration. 

We will stand up to a tyrant; we will not give in.

This places him in a favorable position in the eyes of Canadians, who see. While Poilievre sought to stoke the pro-Trump flame in Canada, Carney focused his discourse on the importance of protecting Canadian sovereignty. For Canada, this contrast could not be more marked: a progressive leader, resolutely pro-multilateralism, versus a conservative opponent influenced by Trumpist ideals.

This strong leader profile against Trump is all the more relevant in the current geopolitical context. Carney, throughwhile maintaining balanced relations, seems to have captured the concerns of the majority of Canadians, for whom political and economic stability is more precious than ever.

Mark Carney and Crypto: A Critical View

Mark Carney has always been very critical of cryptocurrencies, notably bitcoin. In his 2018 speech at the Bank of England,, emphasizing that the cryptocurrency did not fulfill the three essential functions of money: medium of exchange, unit of account, and store of value. 

For Carney, cryptocurrencies, despite their popularity, fall far short of meeting users’ long-term expectations. According to him,, and it is only alongside fiat currencies that Bitcoin and others can claim any significant economic role.

But that’s not all. Carney has also expressed concerns about stablecoins and the fragmentation of the global monetary economy they could cause. During the 2021 Crockett Memorial Lecture, he stated thatto ensure financial stability. He specified: 

The stablecoin market could fragment liquidity within the monetary system and weaken money’s role as a coordination device.

The solution he advocates? The. Carney supports the idea that a CBDC could offer considerable advantages, notably in terms of reducing transaction costs, speeding payments, and securing exchanges. 

As a fervent advocate of CBDCs, Carney has also emphasized theto foster a coherent and secure financial environment. According to him, this model would avoid the dangers posed by private cryptocurrencies while promoting innovation in the digital banking sector.

The underlying technologies are exciting, but solutions must improve financial stability, while supporting more innovative and reliable payment services.

For Carney, cryptocurrencies, although interesting, are onlythat he intends to solve through regulation and the introduction of CBDCs in Canada.

Carney and the Tightening of Crypto Regulations

Carney has always shown himself in favor of regulating the cryptocurrency sector. According to him, although the underlying technology is promising, the growth of cryptos must be regulated to protect investors and prevent market manipulation. 

The best cryptocurrencies will naturally gravitate towards the best exchanges, provided they are regulated.

Regulation, far from stifling innovation, could according to Carney pave the way for. However, the shift from a relatively free environment to a more regulated ecosystem could be seen by some as a restriction. Carney intends to position himself as, promoting reasoned adoption of innovative technologies while preserving the country’s economic balances.

Canada, traditionally supportive of innovation, could under Carney’s impetus adopt a much stricter stance towards cryptocurrencies, potentially limiting their use in favor of CBDCs. The country could therefore gradually redirect its efforts to integrate sovereign digital currencies into an economy where regulation is becoming essential.

Carney’s arrival at Canada’s helm could mark a decisive turning point for the country’s crypto-economy. While the Canadian government has recently hardened its position, Carney could well strengthen these regulations, paving the way for wider adoption of CBDCs, while limiting the space for private cryptocurrencies.

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