The Canada government invoked the Emergencies Act for the first time to prevent the more dangerous aspects of the COVID-19 trucker protests, freezing their accounts and requiring cryptocurrency payment processors to register with FINTRAC.
After a convoy of trucks protesting the COVID-19 order, the Canadian government took the unprecedented step of invoking the Emergency Act. As a result, crypto and crowdfunding platforms are regulated by the Terrorist Financing Act.
Prime Minister Justin Trudeau announced on February 14 that the government could use the military to stop the protests, although Trudeau said he had no intention of doing so. However, the law allows the government to suspend citizens’ freedom of movement or assembly – but again, the government is reluctant to do so.
Blocking funding for operations is the top priority for the government today, including cryptocurrencies. Personal and corporate accounts can now be frozen, meaning the accounts of truck owners involved in the blockade could be frozen.
Crowdfunding platforms and payment providers must also register with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). Large donations are marked.
It’s possible that the government will be more generous with crypto once the protests go away. However, damage to reputation can last longer. It remains to be seen what impact this will have on cryptocurrencies.
Cryptocurrency advocates will be angered by the account freezing regardless of their stance on the rally. It violates the principle of cryptocurrency, which has thrived in part because it reduces government control.
The call to action led to TDBank freezing a large number of grants. Several celebrities have criticized the move, saying it violates democratic principles.
Most industry representatives have yet to be reached for comment. Cryptocurrencies are very popular in Canada and the country has even approved a Bitcoin ETF. But it wouldn’t be surprising to see some divergent answers from the crypto community.
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