Did you know that these idiots are investing your pension into something as volatile and unproven as cryptocurrency? It says the Ontario Teacher's pension invested and lost $95 million US ($129.15 million Canadian) in the crypto industry. Doh!!
Canada's national government said federally regulated pension funds in the country will need to disclose their crypto assets exposure ... as Ottawa tightens its regulatory oversight on the volatile industry.
"To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset(s) ... the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset ... disclosures by the country's largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets ...
Some of the pension funds in the country have already felt the burn of investing in crypto. Last year, Quebec-based pension fund Caisse de Depot et Placement du Quebec said that it wrote off a US$150 million bet on Celsius Network. Ontario Teachers' Pension Plan, one of Canada's largest pension funds with nearly US$250 billion in assets under management (AUM), also last year said it would write down the entirety of its US$95 million investment in FTX.
The 2023 budget indicated that OSFI will consult with federally regulated financial institutions on guidelines for publicly disclosing their exposure to crypto-assets, to help protect "Canadians’ savings and the security of our financial sector."
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