Crypto creates no big risk to economy so far according to Bank of Canada official

  • Cryptocurrencies like Bitcoin do not pose any significant risk to the financial system at their current level of adoption, according to Bank of Canada deputy governor Paul Beaudry.
  • Canada has also been a popular spot for global crypto miners, ranking the fourth-largest nation in terms of hash rate according to Cambridge Bitcoin Electricity Consumption Index as of August 2021.
  • Despite progressive crypto development and adoption, the Bank of Canada has expressed some skepticism about crypto before.

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