Crypto proponent Pierre Poilievre blamed Central Bank for the current rise in inflation

Pierre Poilievre, a Conservative leadership contender in Canada, believes that a digital currency should not be implemented by the central bank, but rather left to the private sector.

In a time of inflation, the candidate was also one of the few MPs who blamed the central bank for eroding people’s purchasing power.

The current rise in inflation, according to crypto proponent Pierre Poilievre, is due to the central bank’s incompetence.

“Financially illiterate”

The Bank of Canada has entered the “developmental stage” of a potential CBDC, whose destiny will be decided by the country’s parliament later. Many people support digital currencies, but Pierre Poilievre is not one of them.

The vocal crypto proponent has been a strong opponent of the Bank of Canada since launching his campaign months ago (BoC).

His criticism was centered on Justin Trudeau’s government’s $500 billion deficit, which forced the Bank of Canada to implement a series of quantitative easings and money printing, which turned out to be the primary drivers of rising inflation.

On Twitter, the candidate referred to the institution as “financially illiterate.”

Poilievre promised that if elected as the Official Opposition Leader, he would expand the auditor general’s authority to reach the BoC, claiming to restore people’s purchasing power and protect their financial independence.

Elective officials, he felt, could hold the institution in charge of money printing accountable for its monetary policies in this way.

Digital assets can stop inflation

Poilievre, a crypto bull, believes that by investing in digital assets such as bitcoin, Canadians may “opt-out” of inflation. He didn’t want the Bank of Canada to offer a similar product because he believes that central bank power should be decentralized.

He previously stated that if elected, he will make Canada the global blockchain capital. He felt that by adopting a new decentralized economy model, people would retake control of their money from bankers and politicians.

In the Bitcoin market, Canada has already achieved significant progress. Aside from having a clearer regulatory approach than some other countries, its regulators were among the first to approve a Bitcoin ETF.

ALSO READ: Crypto and Stock Market Falls Amid Anticipated Aggressive Fed Rate Hike

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing