![\"Bank](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/06\/bank-of-canada.jpg\")
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Bank of Canada\u2019s senior deputy governor says the central bank does not want to wait until crypto \u201cgets a lot larger\u201d before it brings regulatory controls in place. \u201cThis is an area that is still small, but it\u2019s growing really rapidly,\u201d the official said.<\/strong>\n<\/p>\n \n \u201cThis is an area that is still small, but it\u2019s growing really rapidly. And it is largely unregulated,\u201d she explained, adding:\n<\/p>\n We don\u2019t want to wait until it gets a lot larger before we bring regulatory controls in place.<\/p>\n<\/blockquote>\n \n According to Canada\u2019s central bank, the share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020.<\/p>\n \u201cLike any asset that\u2019s jumping around in price, people see an opportunity for quick gains,\u201d Rogers added, elaborating:\n<\/p>\n Our concern is they may not understand the risks. They may not even understand that it\u2019s not a regulated area.<\/p>\n<\/blockquote>\n \nThe senior deputy governor of the Bank of Canada emphasized that the crypto industry needs to be regulated. \u201cThese are somewhat like banking assets, somewhat like capital markets,\u201d she described.<\/p>\n However, Rogers pointed out that there are challenges, stating:\n<\/p>\n One of the challenges is to figure out how do they fit in the current regime, and if they don\u2019t fit, how do we adjust the regime so that they will fit.<\/p>\n<\/blockquote>\nBank of Canada\u2019s Official Stresses the Importance of Crypto Regulation<\/h2>\n
\nBank of Canada Senior Deputy Governor Carolyn Rogers talked about cryptocurrency regulation in an interview with Reuters Thursday.<\/p>\n\n
\nThe total crypto market capitalization has fallen to below $1 trillion following Monday\u2019s sell-off. According to data from Bitcoin.com Markets<\/a>, the total market cap of the entire crypto market is approximately $918 billion at the time of writing.<\/p>\n\n
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