Canada Joins Lebanon and Turkey in 'Bitcoin's Marketing Team'
The Deputy Prime Minister and Finance Minister of Canada has claimed that banks in the country could be asked to immediately freeze or suspend the bank accounts of individuals in the country, as the “truck drivers’ protest” over Canadian COVID-19 restrictions continues.
The finance chief and Deputy PM, Chrystia Freeland, stated: “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.”
She added:
“These changes cover all forms of transactions, including digital assets such as cryptocurrencies.”
This last statement will have been most worrying for the nation’s many crypto enthusiasts, implying that such measures could also be used to impose cryptoasset wallet freezes and seizures.
In theory, such measures can be enacted without the need for a court order or worries about civil liability.
Freeland justified the government’s stance, claiming:
“The illegal blockades have highlighted the fact that crowdfunding platforms, and some of the payment service providers they use, are not fully captured under [existing anti-terrorism legislation].”
The likes of Brian Armstrong, the CEO of the crypto exchange giant Coinbase, was quick to point out that self-custody solutions could help anyone attempting to evade having the government reach into their bank accounts or crypto wallets.
Google searches for terms like “bank run,” which briefly peaked in Canada on February 10, began rising again on the news – and are particularly high in Alberta and British Colombia, per Google Trends data.
El Salvador’s president Nayib Bukele, who has pioneered the adoption of bitcoin (BTC) as legal tender in his country, offered some stinging criticism
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