Bank of Canada Calls for New Crypto Legislation to Safeguard Financial Stability

May 8, 2025 – In a recent statement reported by PANews, Bank of Canada Deputy Governor Carolyn Rogers has underscored the urgent need for updated legislation to address the growing role of cryptocurrencies in Canada’s financial system.

Rogers emphasized that as digital assets increasingly move toward mainstream use—particularly as potential forms of payment—Canada must implement a robust legal framework to ensure consumer protection and uphold financial stability.

“As the adoption of cryptocurrencies continues to rise, we need to make sure our regulatory structures evolve alongside them,” Rogers stated, highlighting concerns around risks to both individuals and the broader economy in the absence of clear, enforceable rules.

The comments reflect growing concern among central banks globally about the impact of decentralized digital currencies, especially as they begin to intersect more directly with traditional financial infrastructure.

The Bank of Canada’s call adds to ongoing discussions in Ottawa regarding the future of digital asset regulation, amid increasing public interest and institutional involvement in the sector.