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Thursday, August 18, 2022

Canada authorizes emergency regulations to cut off protesters’ access to funds, including crypto-decrypt

The Canadian government today invoked the Emergencies Act for the first time to restrict the flow of funds to truckers protesting the country’s COVID-19 restrictions.

Under this act, the government can freeze bank accounts without going through the court system – as well as take various other actions to end the demonstrations.

Canada’s Deputy Prime Minister Chrystia Freeland said during a press conference today, “We are expanding the scope of Canada’s anti-money laundering and counter-terrorism financial regulations to cover crowdfunding platforms and the payment providers they use. can.” Freeland, who also serves as finance minister, said these actions would also include cryptocurrencies.

The move comes after weeks of protests by a group of truck drivers called the “Freedom Convoy” who honked their horns for blocking roadways, flouting mask rules and expressing their displeasure with vaccination mandates Is.

The group’s GoFundMe account was shut down by the platform on February 4 following pressure from the Canadian government, at which point it switched to alternative funding methods, including bitcoin.

Although the Emergency Act measures take immediate effect, Prime Minister Justin Trudeau’s government has a week to receive support from both of Canada’s legislative bodies: the House of Commons and the Senate.

While the government is name-checking cryptocurrency – and there is some benefit to freezing bank accounts associated with crypto firms and users – for bitcoin proponents, it is nonetheless a argument for property, Which is hard to shut down because it doesn’t run on a centralized network controlled by a traditional payment provider.

Neeraj Agarwal of crypto lobbying organization Coin Center tweeted sarcastically: “Oh no, please don’t expose how easily a state can depend on financial intermediaries [to] Political protests cut fundraising.”

El Salvador President Nayib Bukele, the authoritarian-leaning leader who last year pushed through legislation making bitcoin legal tender, also weighed in.

“Are these the same people who like to teach other countries a lesson about democracy and freedom?” He has written.

Editors note: The title of this article originally read “Canadian Government Bans Crypto, Crowdfunding Under Emergency Act” It has been modified to be more precise.

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World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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