Canadian Prime Minister Justin Trudeau has launched the Emergency Act, which authorizes COVID-19 protesters in the country to freeze their bank accounts and monitor financially “large and suspicious transactions,” including Bitcoin and altcoins. As Kriptokoin.com, we are giving the details…
Canada’s Emergency Law, which will also address Bitcoin and altcoin donations
Canada’s Deputy Prime Minister Chrystia Freeland, at a press conference on February 14, COVID- He said this latest move against protesters who refused to comply with the 19 mandates broadened the scope of “terror financing” rules. Rather, the protesters targeted crowdfunding platforms and the payment service providers they used, she said. “These changes cover all forms of transactions, including digital assets such as cryptocurrencies,” she said.
Protesters together raised over $19 million through GoFundMe and GiveSendGo fundraising platforms. However, these funds were prevented from reaching the protesters, prompting some to start fundraising with Bitcoin (BTC). The HonkHonk Hodl group has raised 22 BTC worth around $1 million through the Tallycoin BTC fundraising platform. Tallycoin shut down its pages on February 15 as HonkHonk Hodl exceeded its fundraising target. These funds are expected to be distributed to the protesters.
Trudeau to implement measures temporarily
Quebec Prime Minister Francois Legault said Trudeau’s initiation of the Emergency Act could be “to add fuel to the fire”. However, Trudeau insisted that the emergency powers would be “applied temporarily and in a very specific way”. The Canadian Civil Liberties Association claimed today that Trudeau overstepped his authority by initiating the Emergency Situations Act.
For now, it’s still unclear which specific payments will be blocked. Freeland noted at the press conference that only all crowdfunding platforms are required to report “large and suspicious transactions” to Fintrac, the Canadian Financial Transactions and Report Analysis Center. Crypto supporters, such as Preston Pysh, founder of the Pylon Holding Company, have commented on the issue. Pysh tweeted “What a great ad for Bitcoin” in response to Freeland.
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