April 22, 2024


Complete Canadian News World

The Bank of Canada ignores the use of bitcoin as “too small” and increased mining

Key facts:
  • Mining in Canada has grown significantly as a result of Chinese immigration.

  • The Central Bank of Canada conducts extensive research on CBDCs.

Tiffany Maclem, governor of the Central Bank of Canada, on Sunday blamed Bitcoin (BTC), the market’s leading cryptocurrency. In his opinion, “this is not a coin” and you can’t buy things using it.

And so on He suggested In an interview with CTV News, he noted that while talking about the company’s challenges to the Canadian economy, BTC is used by people. Just for speculation.

“Let it be clear. Bitcoin is not a digital currency. People do not use Bitcoin to buy goods. People use Bitcoin to guess. This is an investment,” he said. This is not a coin, “he added.

According to McLean, the quantity of goods bought and sold Bitcoin In that country “It’s too small” And most people who buy BTC do so “Because they think prices are going up, they ‘re going to make money.”.

They are often the ones who buy it for speculative purposes. They buy thinking that the price will go up and they can make money. They do not use it to buy food for their home or to fill a gas tank.

Tiff McClem, Governor of the Central Bank of Canada.

With that in mind, the central bank raised the value of digital currencies (CBDC, abbreviated in English) and promised that paper money would continue to be in circulation in Canada. Despite the immediate digitization of the economy.

“We have tickets and we are going to have tickets as long as I am governor. They are not going to go, ”he later admitted A lot of research has been done on CBDCs, their features and everything that should be in them.

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“We have done a lot of research. Can we really create it? There is still a little bit left. In the end, if we have a central bank, digital currency in this country is the decision of the finance minister, but we definitely want to be ready if we reach an agreement,” he said.

Governor of the Central Bank of Canada, Diff McClellan / Source: CTV News.

This is reminiscent of what McClellan said last year and when Promised The CBDC is working with the other member states of the Group of Seven for an integrated approach to publication.

Undeniable existence

The position of the head of the Canadian publishing company contradicts the undeniable presence of BTC in that country, thanks to the mining industry, which has found an important lobby in Canada. Migration of miners from China.

Depending on what we have Reported In CriptoNoticias, the mining ban on the Asian company led to a massive flight of companies in this field to other countries, of which the United States, Kazakhstan and, of course, Canada stand out. Here, The hash ratio has good numbers.

For example, it was News Black Rock Petroleum, an American oil company, plans to run one million homes in July Bitcoin mining equipment in Canada, After signing a contract with Optimum Mining Host Limited Liability (OMH).

The same oil company acknowledged that it was using restrictions in China against bitcoin Move the machines to the American continent.

Even before, the migration of large mining companies was seen in that country HIVE blockchain, Which announced in January that it would purchase 3,000 mining equipment from the foundry digital manufacturer. He established in his warehouses in Canada.

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Although that North American country is not found in the first place among the countries that use cryptocurrencies the most Chain analysis, Business growth, over time, may manifest itself in greater adoption. For that, we have to wait.

At the moment, Canada does not appear in the top 20 in the cynicals of countries that use cryptocurrencies the most / Source: Chain analysis.

BTC based investment tools

The head of the Bank of Canada is right, in that country, BTC is used as an investment commodity. It is very high, they already are, on the level Toronto Stock Exchange, At least three Exchange-Trading Bitcoin Funds (ETFs).

Depending on what we have Reviewed In CriptoNoticias, the first purpose of these is derived from the company; The second is from the Evolve Fund Group and the third is from the CI Global Asset Manager.

The devices were approved by the Canadian regulator just months before the United States moved in that direction. The first Bitcoin ETFs were approved in the United States a few weeks ago. Made an impact This includes cryptoactive An unprecedented amount of $ 67,000.