Mark Carney: Canada's New Prime Minister and His Views on Crypto
On March 9, 2025, it was announced that Mark Carney would replace Justin Trudeau as leader of the Liberal Party and serve as Prime Minister of Canada. But is this a positive sign for the Canadian crypto community?
- Who is Mark Carney?
- Carney's stance on crypto over the years
- What does Carney think of crypto today?
- How does Trudeau and Carney compare on crypto
Who is Mark Carney?
Mark Carney served as Governor of the Bank of Canada for five years, then Governor of the Bank of England for seven years, becoming the first foreigner to hold the position. With a solid financial background, Carney has worked for investment bank Goldman Sachs in many global offices, and graduated from two top universities, Harvard and Oxford.
Carney received overwhelming support with nearly 86% of the vote to become leader of the Liberal Party, succeeding Trudeau after he resigned. Under Trudeau, Carney did not serve in the cabinet but advised him on the economic recovery plan after the COVID-19 pandemic. One of Carney's main priorities is to fix the current economic difficulties, while implementing spending cuts and tax cuts for the middle class.
Carney's stance on cryptocurrencies over the years
Carney's promotion is not necessarily good news for the Canadian crypto community. In the past, Carney has expressed skepticism about Bitcoin and has been in favor of developing a Central Bank Digital Currency (CBDC), in contrast to the recent openness of the United States towards cryptocurrencies.
In a 2018 speech when he was Governor of the Bank of England, Carney criticized cryptocurrencies, arguing that they failed both as currencies and stores of value. He likened cryptocurrencies to lotteries and criticized Bitcoin's low transaction processing capacity, arguing that 7 transactions per second was not enough to compete with traditional means of payment.
In 2021, Carney continued to express his support for CBDCs over stablecoins, believing that the public would trust CBDCs more than assets issued by private companies. He also emphasized that most cryptocurrencies have no intrinsic value, although he acknowledged that some tokens and NFTs may continue to exist.
What does Carney think of cryptocurrencies now?
Little is known about Carney's new views on cryptocurrencies. However, based on his past views and current focus on AI, it seems unlikely that Canada will become a strong crypto hub under Carney. Some sources have reported that Carney recently called Bitcoin a speculative asset that is harmful to financial stability, but there is no clear evidence from reputable sources.
Carney served as a board member of Stripe from 2022 to 2024, a platform that facilitates cryptocurrency payments. However, this should not be interpreted as a pro-crypto move on his part.
While Carney is not a crypto advocate, he has been very positive about artificial intelligence (AI). He believes that AI can maximize efficiency, reduce costs, and increase productivity, especially in areas such as education, health care, and construction. He has also called for strong investment in AI to make Canada a world leader in the field.
Comparing Trudeau and Carney on Crypto
Justin Trudeau has been a vocal critic of cryptocurrencies, even taking steps to control and restrict the use of digital assets during political protests. In 2022, the Trudeau government used the Emergencies Act to freeze bank accounts and cryptocurrency donations related to the “Freedom Caravan” protest movement, an action that was later ruled unconstitutional by the courts.
Trudeau has also criticized the use of cryptocurrencies as a way to combat inflation, calling it a form of “unaccountable leadership.” As such, the crypto community had hoped that with Trudeau’s resignation, a more crypto-friendly Prime Minister would take office. However, with Carney’s succession, it seems that Canada will continue to have harsh policies towards digital assets.
