Thursday, December 1, 2022
HomeLaw & PoliticsCanadian government uses the "Emergency Act" to target crypto-crowdfunding

Canadian government uses the “Emergency Act” to target crypto-crowdfunding

Canadian Prime Minister Justin Trudeau has invoked the Emergencies Act, which gives him the authority to freeze the bank accounts of Freedom Convoy demonstrators and monitor "large and suspicious transactions," including cryptocurrency.

At the press conference on February 14, Deputy Prime Minister Chrystia Freeland stated that this tactical effort against protestors comes under the reach of terrorist financing laws. It is aimed at “crowdfunding platforms and the payment service providers that the protestors use.” Protesters have raised more than USD 19 million through the crowdfunding sites GoFundMe and GiveSendGo. However, the funds have been stopped from reaching the convoy, prompting some to launch a Bitcoin fundraising campaign (BTC).  

Using the Tallycoin BTC fundraising tool, the HonkHonk Hodl organisation raised 22 BTC worth approximately $1 million. On February 15, HonkHonk Hodl deleted their Tallycoin page after exceeding their fundraising target. That cash is still likely to go to demonstrators.

GoFundMe complied with the Canadian government and repaid donations, while GiveSendGo experienced an information leak that revealed the identities of “thousands of names of people who gave to the Freedom Convoy.” There has been no indication of what happened to the Convoy’s cash.

Canadian PM Trudeau stressed that the emergency powers would be “used temporarily and in an extremely particular fashion.” The Canadian Civil Liberties Association stated that by invoking the Emergencies Act, the Prime Minister had overstepped his power. For good reason, this law establishes a high and explicit standard: the Act authorises the government to circumvent usual democratic processes. This criterion has not been satisfied. ” For the time being, it is unclear which exact payments will be banned.  

Preston Pysh, the founder of Pylon Holding, has expressed ironic joy at the prospects for adoption shown by the Freedom Convoy. 

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

11 + 20 =

- Advertisment -

Most Popular