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Jafrin Ahmed
Feb 15, 2022
by Jafrin Ahmed

Canada Invokes Emergencies Act that Targets Crypto

Canada crypto
The Canadian government today for the first time invoked the Emergencies Act since the law was passed in 1988 in an attempt to restrict funding to truck drivers protesting the country's COVID-19 restrictions.

Under the act, the government can seize cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or any other 'large and suspicious transactions' as the country grapples with widescale protests.

Canada's Attempt at Blockade Crackdown

On Feb. 14, Deputy Prime Minister Chrystia Freeland, who also serves as finance minister said in a press conference that crowdfunding platforms and payment services providers including crypto linked to the Freedom Convoy protest must now register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

“We are broadening the scope of Canada’s anti-money laundering and anti-terrorist financial rules so they cover crowdfunding platforms and the payment providers they use,” Chrystia Freeland said during a press conference.
"We are making these changes because we know that these (crowdfunding) platforms are being used to support illegal blockades and illegal activity which is damaging the Canadian economy," she added.

The move comes as a direct response to the ongoing trucker blockades, which have caused major disruption to cities including the country’s capital Ottawa. The act claims to counter 'illegal' protests over Canada’s COVID-19 restrictions.

Fundraising through Bitcoin

Protesters had collected over $19 million through the fundraising platforms GoFundMe and GiveSendGo. However, those funds were blocked by the government, leading some to fundraise through Bitcoin.

In fact, a BTC crowdfunding platform, Tallycoin has reportedly raised more than 22 BTC or approximately $1 million for truckers protesting COVID-19 restrictions in the country.

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Canada Invokes Emergencies Act that Targets Crypto
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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