Vitalik Buterin: The chaos in Canada shows the existence of crypto
Ethereum creator Vitalik Buterin said that the Canadian government’s efforts to block funding for the country’s truck rally show why cryptocurrencies exist.
In an interview Friday at the ETHDenver conference, Vitalik Buterin, a Russian-Canadian, was unhappy with the “free convoys” protesting in Ottawa last week to protest the COVID-19 restrictions.
“If truckers are blocking the road and it messes up the economy, then the blocking is illegal and there is already a law to regulate it.”
But he describes the government’s response as too heavy-handed as a potential check against such an overreaction.
“The government is unwilling to follow the law… and give people a chance to defend themselves… They just want to talk to the banks and basically cut off people’s financial livelihoods without due process, it’s proof.” that decentralized technology should exist.
It’s not illegal. Government and police can continue to operate legally and track down suspects “as always” without the need for financial intermediaries.
It is dangerous to seek and use a middleman to remove all obstacles. Having decentralized alternatives to a middleman is a great way to limit the damage.”
This week Prime Minister Justin Trudeau invoked rarely used emergency powers to quell the protests. Banks and other financial service providers can freeze or suspend truck accounts without a court order and are protected from civil liability in doing so.
Transport company supporters have attempted to circumvent the blockades by donating cryptocurrencies. The government has blacklisted several crypto addresses involved in this effort, and a court has ordered the funds to be frozen pending the outcome of a private class action lawsuit. It remains to be seen how effective these measures will be as cryptocurrency transactions cannot be strictly banned and wallets are controlled by anyone in possession of the cryptographic private key.
On the other hand, in order to use the money to buy groceries or gas, the recipient may need to convert the cryptocurrency to fiat currency, usually through an exchange regulated by a government guideline.
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