Pro CBDC Mark Kearney takes the helm as Canadian Prime Minister amid cryptic skepticism

Mark Carney emerged as Canada's new prime minister, replacing Justin Trudeau after a decisive victory in the Liberal Party leadership race.

The announcement, made on March 9, saw Carney rise in power with an overwhelming 85.9% vote, defeating his closest rival, former finance minister Christia Freeland.

Carney's appointment follows Trudeau's resignation in January, when he took office for nearly 10 years. The former prime minister faced pressure from within the party due to a decline in public support, which has been driven by rising costs of living.

A highly experienced global finance person, Carney previously served as governor of both the Bank of Canada and the Bank of England. The background to his monetary policy and economic strategy positions him as a leader focused on financial and technological reform.

Kearney's Cryptographic Stance

Kearney is a critic of the voices of Bitcoin and other cryptocurrency, and often questioning their long-term viability.

As governor of the Bank of England, he dismissed Bitcoin as a reliable storage of value, citing concerns about its fixed supply and the economic impact of potential deflation.

He insisted it:

“Far from strength, the fixed supply rules for cryptocurrencies such as Bitcoin are serious flaws. Essentially, they give the economy a deflationary bias if such a currency is widely adopted.”

In another speech, Carney expressed his skepticism about Stubcoin, claiming that he is focusing too much power in the hands of major tech companies. Instead, he touted the Central Bank Digital Currency (CBDC) as a safer and more efficient alternative.

He said:

“The potential advantage of CBDCs from a public interest perspective is strengthened by the undesirable currency competition at the heart of the system. Stablecoins could fragment the liquidity of the financial system and undermine the role of money as a regulator.”

Despite his well-documented opposition to cryptography, it remains unclear whether his stance will change if he assumes office due to global trends.

However, his past statements suggest that his administration may not support digital assets.

Economic Vision

Despite his prominent crypto skepticism, Carney laid out an ambitious economic plan to strengthen Canada's position as a global leader in emerging technologies, including AI and digital innovation.

Carney envisions advances in AI-driven healthcare, education and infrastructure, aiming to increase productivity and create well-paid jobs.

His strategy is to integrate AI into all government services to attract significant investment in emerging technologies while increasing efficiency. He sees AI as a key driver of economic growth and believes it will play a key role in shaping Canada's future.