Sign up to save your podcasts
Or
Share Canada uses the ’Emergencies Act’ in order to regulate crowdfunding and cryptocurrency
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Canada uses the ’Emergencies Act’ in order to regulate crowdfunding and cryptocurrency
The Terrorist Financing regulations have been expanded to encompass crypto transactions to demonstrators, and the government now has the authority to seize bank accounts.
Prime Minister Justin Trudeau of Canada has invoked the Emergencies Act, authorising him to freeze the bank accounts of Freedom Convoy demonstrators and monitor "large and suspicious transactions," including cryptocurrency.
Deputy Prime Minister Chrystia Freeland stated during a Feb. 14 press conference that this latest tactical manoeuvre against protesters expands the scope of the Terrorist Financing rules. It is directed at "crowdfunding platforms and the payment service providers who facilitate their operations."
"These modifications apply to all types of transactions, including those involving digital assets such as cryptocurrency."
Protesters had together raised more than $19 million using the fundraising platforms GoFundMe and GiveSendGo. However, those monies have been redirected away from the convoy, prompting some to arrange a Bitcoin fundraising round (BTC).
Through the Tallycoin BTC fundraising tool, the HonkHonk Hodl organisation raised 22 BTC worth approximately $1 million. HonkHonk Hodl ceased operations of their Tallycoin page on Feb. 15 after exceeding their fundraising goal. These cash are scheduled to be delivered to demonstrators in the near future.
While GoFundMe cooperated with Canadian authorities and repaid donations, GiveSendGo suffered an information leak that exposed the identities of "thousands of donors to the Freedom Convoy," according to Michael Thalen of The Daily Dot. There is currently no word about the disposition of the Convoy's funds.
Prior to Trudeau's statement, Quebec Premier Francois Legault stated that using the Emergencies Act would "throw gasoline on the flames." Trudeau emphasised, though, that the emergency powers will be used "temporarily and in a highly targeted manner."
The Canadian Civil Liberties Association argued today that by invoking the Emergencies Act, the Prime Minister exceeded his authority. "The federal government has not satisfied the threshold for invoking the Emergencies Act," it stated.
"This law establishes a high and unambiguous criterion for a good reason: the Act enables the government to circumvent normal democratic processes. This standard has been violated."
At the moment, it is unclear which payments will be banned. Freeland stated simply that all crowdfunding sites must report "large and suspicious transactions" to Fintrac, Canada's Financial Transactions and Reports Analysis Centre.
Crypto advocates such as Preston Pysh, founder of Pylon Holding Company, have expressed cynical delight at the adoption potential shown by the Freedom Convoy. Pysh responded to Freeland's tweet today, writing, "What an advertisement for Bitcoin."
Support us!
View all episodes
By Crypto PiratesThe Terrorist Financing regulations have been expanded to encompass crypto transactions to demonstrators, and the government now has the authority to seize bank accounts.
Prime Minister Justin Trudeau of Canada has invoked the Emergencies Act, authorising him to freeze the bank accounts of Freedom Convoy demonstrators and monitor "large and suspicious transactions," including cryptocurrency.
Deputy Prime Minister Chrystia Freeland stated during a Feb. 14 press conference that this latest tactical manoeuvre against protesters expands the scope of the Terrorist Financing rules. It is directed at "crowdfunding platforms and the payment service providers who facilitate their operations."
"These modifications apply to all types of transactions, including those involving digital assets such as cryptocurrency."
Protesters had together raised more than $19 million using the fundraising platforms GoFundMe and GiveSendGo. However, those monies have been redirected away from the convoy, prompting some to arrange a Bitcoin fundraising round (BTC).
Through the Tallycoin BTC fundraising tool, the HonkHonk Hodl organisation raised 22 BTC worth approximately $1 million. HonkHonk Hodl ceased operations of their Tallycoin page on Feb. 15 after exceeding their fundraising goal. These cash are scheduled to be delivered to demonstrators in the near future.
While GoFundMe cooperated with Canadian authorities and repaid donations, GiveSendGo suffered an information leak that exposed the identities of "thousands of donors to the Freedom Convoy," according to Michael Thalen of The Daily Dot. There is currently no word about the disposition of the Convoy's funds.
Prior to Trudeau's statement, Quebec Premier Francois Legault stated that using the Emergencies Act would "throw gasoline on the flames." Trudeau emphasised, though, that the emergency powers will be used "temporarily and in a highly targeted manner."
The Canadian Civil Liberties Association argued today that by invoking the Emergencies Act, the Prime Minister exceeded his authority. "The federal government has not satisfied the threshold for invoking the Emergencies Act," it stated.
"This law establishes a high and unambiguous criterion for a good reason: the Act enables the government to circumvent normal democratic processes. This standard has been violated."
At the moment, it is unclear which payments will be banned. Freeland stated simply that all crowdfunding sites must report "large and suspicious transactions" to Fintrac, Canada's Financial Transactions and Reports Analysis Centre.
Crypto advocates such as Preston Pysh, founder of Pylon Holding Company, have expressed cynical delight at the adoption potential shown by the Freedom Convoy. Pysh responded to Freeland's tweet today, writing, "What an advertisement for Bitcoin."
Support us!