Canada’s New Leader: Ex-Central Bank Chief and CBDC Advocate Takes Over
Economist Mark Carney is set to become Canada’s next prime minister after winning the Liberal Party leadership race—despite never running in a general election.
Justin Trudeau’s Successor: A Former Central Banker and CBDC Proponent
Mark Carney, a former central bank governor, crypto skeptic, and advocate for central bank digital currencies (CBDCs), secured 86% of the votes in Canada’s highly debated Liberal Party leadership election on Sunday. This puts him on track to become Canada’s 24th Prime Minister—without a general election.
For now, Carney is stepping in as an unelected prime minister, with an official election expected in May. That’s when Canadians will choose between him and Conservative leader Pierre Poilievre.
A 59-year-old economist with a PhD from Oxford, Carney is known for his strong stance on climate policy and his deep ties to the World Economic Forum (WEF), where he has been a board member for years. But his most notable roles include serving as the governor of the Bank of Canada (2007-2013) and the Bank of England (2013-2020).
Carney has long been part of Trudeau’s inner circle, working as an informal advisor since 2020 and taking on a formal role within the Liberal Party’s economic team in 2024. His political connections run even deeper—he’s the godfather of the son of former Deputy Prime Minister Chrystia Freeland, once Trudeau’s closest ally before her abrupt resignation in December.
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Why Trudeau Stepped Down
Trudeau’s tenure has been widely criticized, with think tank Fraser Institute calling his economic record the worst in modern Canadian history. The National Post even labeled him “Canada’s worst prime minister ever” based on polling data.
After years of declining public support, Trudeau resigned in January, paving the way for Carney’s appointment as prime minister-designate.
Carney’s Stance on Crypto and CBDCs
Carney has been openly skeptical of cryptocurrencies. In a 2018 speech, he dismissed their effectiveness as money, saying:
“Cryptocurrencies act as money, at best, only for some people and to a limited extent, and even then, only in parallel with the traditional currencies. The short answer is they are failing.”
However, when it comes to CBDCs, his outlook is much more optimistic. Speaking in 2021, he said:
“The potential superiority of CBDCs from a public interest perspective is reinforced by the undesirability of currency competition at the heart of the system. Any native cryptocurrencies of sufficient scale will be dominated by CBDCs.”
With Carney now in charge, his approach to crypto regulation and digital currencies will be a key issue to watch in the coming months.
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