Mark Carney's policies may promote blockchain innovation, but strict regulation could limit decentralized development. This article is sourced from Luke, written by Mars Finance, and reprinted by Foresight News. (Background: The world's first 'Solana Spot ETF' has been approved in Canada and is open for staking, with SOL rebounding nearly 20% in a week.) (Additional background: Can't manufacture iPhones in the U.S.? Financial Times: The 'harsh reality' of the Asian supply chain is waking up Trump's dream.) April 28, 2025, incumbent Prime Minister Mark Carney, the former governor of the Bank of Canada and the Bank of England, led the Liberal Party to an overwhelming victory in the Canadian election, becoming Canada's 24th Prime Minister. Note: Carney was sworn in as Canada's 24th Prime Minister in the same week after the resignation of former Prime Minister Justin Trudeau on March 13 this year, as the new leader of the Liberal Party. However, since Carney took office without an election, he chose to hold an early election to gain formal authorization from voters and establish his political legitimacy. This economist, known for addressing the global financial crisis, has made a dramatic shift from the ivory tower of central banking to the turbulent world of Canadian politics. Carney's victory was partly due to a surge in anti-Trump sentiment and his commitment to positioning Canada as a global leader in emerging technologies. However, for the cryptocurrency community, Carney's election raises an urgent question: How will his cautious and even critical stance toward Bitcoin and decentralized finance shape the future of cryptocurrency in Canada? A Career Forged in Crisis Mark Carney's path to the premiership is neither traditional nor unremarkable. Born in Fort Smith in the Northwest Territories of Canada and raised in Edmonton, Alberta, he is rooted in Canadian soil, yet his career spans the globe. Carney holds an economics degree from Harvard University and a doctorate from the University of Oxford. He began his career at Goldman Sachs, working in New York, London, and Tokyo for 13 years, gaining experience in navigating complex financial systems. In 2003, Carney joined the Bank of Canada as Deputy Governor; in 2008, at the age of 42, he was appointed Governor, successfully leading Canada through the global financial crisis. He introduced innovative policies such as emergency lending mechanisms and forward guidance on interest rates, safeguarding the Canadian economy from the worst shocks. In 2013, Carney became the first non-British Governor of the Bank of England, navigating the chaos of Brexit and the early stages of the COVID-19 pandemic. His calm and data-driven leadership style earned him the moniker 'rock star of central banking,' a title that has followed him back to Canada. After leaving the central bank, Carney turned to roles that balance finance and social impact, serving as chairman of Brookfield Asset Management's transformation investment division and as the United Nations Special Envoy for Climate Action and Finance. In 2024, he began advising then-Prime Minister Justin Trudeau on economic growth, paving the way for his political ambitions. In January 2025, Trudeau resigned due to a plummeting approval rating and threats from a trade war with the United States, and Carney seized the opportunity, winning the Liberal leadership position with an astonishing 85.9% of the vote. His campaign centered on countering Trump's tariffs and enhancing Canadian sovereignty, deeply resonating with a populace anxious about external pressures. Carney's Cautious Stance on Cryptocurrency: A Central Bank Perspective Mark Carney's views on cryptocurrency, particularly his stance on Bitcoin, are deeply rooted in his decades of experience as a central banker. In his view, the stability of the financial system and centralized control of monetary policy are the cornerstones of economic execution, while decentralized cryptocurrencies challenge this framework. As early as 2018, Carney delivered a speech at the Scottish Economic Conference, explicitly stating that Bitcoin has 'serious flaws.' He believes that the fixed supply of Bitcoin at 21 million coins would lead to deflationary tendencies, making it difficult to serve as a stable store of value or reliable medium of exchange. He further elaborated during a Q&A session at Regent's University London: 'Bitcoin has almost completely failed in the functions of traditional money.' He specifically criticized its price volatility, pointing out that Bitcoin's price plummeted from nearly $20,000 to below $3,000 between 2017 and 2018, highlighting its unsuitability as a tool for daily transactions. Carney's critiques extend beyond Bitcoin's technical flaws to its social and economic impacts. In a 2018 interview with Bloomberg, he stated that Bitcoin's anonymity makes it a breeding ground for money laundering and illicit transactions, threatening the integrity of the financial system. He warned that the chaotic expansion of the cryptocurrency market could trigger systemic risks similar to the uncontrolled financial derivatives market before the subprime crisis. Additionally, Carney expressed concerns about the rise of stablecoins. In a 2021 speech to the Bank for International Settlements, he pointed out that stablecoins supported by tech giants (such as Facebook's planned Libra at the time) could lead to liquidity fragmentation in the monetary system and even undermine the monetary sovereignty of central banks. He believes that the centralized nature of stablecoins—controlled by a few enterprises—fails to address the volatility issues of decentralized cryptocurrencies while introducing new governance risks. At the same time, Carney has always been a staunch supporter of Central Bank Digital Currencies (CBDCs). He believes that CBDCs can not only provide the convenience of digital payments but also ensure financial stability and regulatory transparency through centralized management. In a 2020 speech, he proposed: 'CBDCs can enhance the transmission efficiency of monetary policy while reducing the risks posed by private cryptocurrencies.' He particularly emphasized that CBDCs can combat illicit financial activities through traceable transaction records while providing consumers with lower transaction costs than existing payment systems. Carney's position aligns with the global trend among central banks, such as the People's Bank of China's digital yuan experiments and the European Central Bank's digital euro plans. However, Carney's complex attitude toward cryptocurrencies is not entirely dismissive. During his time on the board of Stripe from 2021 to 2025, the company launched payment solutions supporting cryptocurrencies, allowing merchants to accept digital assets like Bitcoin. This indicates that Carney recognizes the potential of cryptocurrencies in specific business contexts, provided they are subject to strict regulation. Carney stated at a fintech conference in 2021: 'Blockchain technology itself has revolutionary potential, but its application must align with the public interest.' This position reflects a balance between his support for technological innovation and a reserved attitude toward decentralized ideals. He may be more inclined to use blockchain technology in controlled scenarios such as supply chain management, cross-border payments, or digital identity verification, rather than in an anarchic cryptocurrency ecosystem. Carney's central banking background makes him highly sensitive to the risks in financial markets, which partly explains his cautious attitude toward cryptocurrencies. As a decision-maker who has previously dealt with the global financial crisis and Brexit, he understands the chain reactions that financial innovation can bring. In a 2019 speech to the UK Parliament, he mentioned: 'The rapid development of cryptocurrencies requires a globally coordinated regulatory framework; otherwise, we may repeat the mistakes of the 2008 financial crisis.' This systematic thinking makes him more inclined to integrate digital finance into the existing financial system rather than allowing it to grow wildly outside regulatory oversight. The 'tightening' of cryptocurrencies: Where is Canada headed?

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