Bitcoin Regulation In Canada : A Shift Under Carney ?

The evolution of the Canadian political landscape could disrupt the crypto ecosystem. Mark Carney, former governor of the Bank of Canada and the Bank of England, has just been appointed to succeed Justin Trudeau. His rise to power has not gone unnoticed, particularly in the crypto sector. Known for his sharp criticisms of bitcoin, Carney has previously described the asset as a deficient monetary model, which fueled a “global speculative mania.” His vision, rooted in a centralized financial approach, suggests a restrictive policy towards cryptos. As Canada is still seeking its guiding principles regarding the regulation of these assets, Carney’s appointment could represent a radical shift. His influence on the future of bitcoin and cryptos in Canada deserves close scrutiny.

A central banker with strong stances against bitcoin

Mark Carney has never shied away from expressing his reservations about bitcoin. During a speech in March 2018, while he was governor of the Bank of England, he denounced bitcoin’s fixed supply limit. He argued that it led to “serious deficiencies.” According to him, a currency must be able to adapt to economic needs, not be rigidly defined by computer code. He went further and stated that recreating a system based on a limited monetary standard, as proposed by bitcoin, would amount to committing an “act of criminal monetary amnesia.”

His criticism goes beyond monetary aspects. He also pointed out the extreme volatility of bitcoin and labeled it as a “poor short-term store of value.” Furthermore, he illustrated his point with this analogy: a student who borrowed £1,000 in bitcoin in December of one year could have lost £500 a few months later or conversely gained £2,000 depending on the period. For Carney, this unpredictability makes bitcoin unsuitable as a reliable medium of exchange.

Towards a pro-CBDC and anti-bitcoin monetary policy ?

While Mark Carney opposes decentralized cryptos, he does not entirely dismiss digital innovation in the financial sector. During the same intervention in 2018, he spoke in favor of central bank digital currencies (CBDCs). According to him, these official digital currencies could “broaden access to banking services” and provide a more effective tool to “combat terrorism financing and economic crime.” A statement that suggests an interventionist approach and favors state-controlled systems rather than independent cryptos like bitcoin.

However, his recent background adds an interesting nuance to his anti-crypto stance. From 2021 to 2025, Carney sat on the board of Stripe, a payment giant that integrated crypto payment solutions between 2022 and 2024. This experience within a fintech company that explored cryptos could temper his approach. It remains to be seen whether his government will adopt a policy of strict regulation or a complete ban on cryptos, as some countries have done.

The arrival of Mark Carney in power raises a key question for the crypto industry in Canada: will the country adopt stricter, even hostile, regulations towards these assets? While Justin Trudeau had already expressed some skepticism towards bitcoin, his successor could elevate this caution to a new level. Through solutions like CBDCs, Carney seems eager to shape a more centralized monetary future. It remains to be seen how the Canadian crypto community and investors will react to this political direction, which promises to be decisive for the future of these assets in the country.