Hon. Marc Gold (Government Representative in the Senate): Thank you for the question. The government knows that it’s important to understand the benefits and risks of digital currency and electronic payments, especially in the context of Canada’s financial system. Over the past few months, in Canada and around the world, we’ve seen first-hand the risks associated with the impact that unregulated crypto-currency can have on our economies and our democracies. Globally, we’ve seen dark forces, such as Russian oligarchs, use crypto-currency to get around economic sanctions and fund a brutal war in Ukraine. Nationally, we’ve seen the role played by crypto assets in illegal activities, such as the so-called “Freedom Convoy.” That’s why the government is soon launching a legislative review of the financial sector focused on the digitization of currency and maintaining stability and security in the financial sector.

I’m told that the first phase of the review will be on digital currencies, including stable crypto assets and crypto-currencies. Also, the government continues to communicate with institutions and international partners about the possible repercussions of digital currency on the global financial system.

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