OTTAWA : The number of Canadians who own cryptoassets is growing rapidly and efforts to regulate the sector need to start keeping pace, a senior Bank of Canada official said, noting many people may not understand the risk of investing in products like bitcoin.
"This is an area that is still small, but it's growing really rapidly. And it is largely unregulated," Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters in an interview on Thursday."We don't want to wait until it gets a lot larger before we bring regulatory controls in place." "Like any asset that's jumping around in price, people see an opportunity for quick gains," said Rogers."Our concern is they may not understand the risks. They may not even understand that it's not a regulated area."