Published: 26.04.2022
Article reading time:
1 min.
Senior Bank of Canada (BC) officials criticized the view that digital currencies could replace the Canadian dollar in a situation of rising inflation.
During a speech before the Finance Committee of the House of Commons of Canada, one of the MPs, Yvan Baker, asked bank governor Tiff Macklem and his deputy Carolyn Rogers the question: can cryptocurrencies be an effective strategy in the fight against inflation.
The Deputy Governor of the Sun replied that if Canadians are looking for a stable instrument for payments, then cryptocurrencies are unlikely to be able to help them with this. According to Rogers, the bank does not see digital currencies as a way to avoid inflation. However, she is confident that cryptocurrencies have “some prospects” – they can increase the speed and efficiency of settlements, contributing to healthy competition in the financial sector of the economy.
At the same time, the leadership of the Armed Forces believes that the Canadian authorities will be able to find a way to introduce cryptocurrencies into the country’s financial system. The revision of the legislation, says Rogers, will allow to study the innovations that the cryptocurrency industry offers and find ways to use its advantages in a more controlled environment. There are several important technologies in this industry that cannot be ignored, the official says.
Recall that earlier the Sun used a quantum computer to calculate scenarios for the coexistence of digital currencies and fiat currencies in one traditional financial system.
Source: Bits
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