Canadian crypto ownership declined amid tight regulations, falling prices
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The Bank of Canada (BOC) reported a decline in the ownership of Bitcoin (
According to the BOC, the research is relevant for monitoring the two conditions that could warrant the issuance of an in-house central bank digital currency (CBDC): “if Canadians almost or do stop using cash, or if Canadians widely adopt and use private cryptocurrencies for payments.”
Hey Canada, we need your input!
Our public consultation on a potential #DigitalCanadianDollar is now LIVE. #HaveYourSay by June 19: https://t.co/p8BdG3tQ9h pic.twitter.com/vKRoBfAngu
— Bank of Canada (@bankofcanada) May 8, 2023
BOC highlighted that ecosystem collapses, along with regulatory hurdles and price depreciation contributed to the decline in crypto ownership. However, considering the government’s intent to provide regulatory clarity combined with a stable market, the crypto ownership in the region is expected to pick up as well.
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