The vice president of the Bank of Canada said that the crypto industry needs to be regulated before it grows any further. With the Terra collapse, global authorities were 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 sector grows further.
Carolyn Rogers, vice-president of the Bank of Canada, 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:
According to a 2021 survey by the Bank of Canada, 13% of Canadians own Bitcoin. This means an increase of 5% compared to the previous year.