Tuesday, October 4, 2022
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Financial surveillance laws may get permanent in Canada

According to reports, Canada may make the recently enacted bank surveillance rules permanent. The problem would have an impact on cryptocurrency platforms, and many Canadians are turning to bitcoin ownership to have more control over their money.

In terms of financial surveillance, the emergency measure invoked by Canada’s government is taking a turn for the worse. During a press conference, Canadian Finance Minister Chrystia Freeland stated that the government is considering making the act’s financial transaction surveillance permanent. The government imposed surveillance on the trucker convoy protest in Ottawa in order to prohibit funding for the protest. Under the Terrorist Financing Act, this includes regulating crowdfunding services and cryptocurrencies. Payment service companies were also required to register with FINTRAC.

The move was met with widespread outrage, with some claiming that it was undemocratic. Several accounts have been frozen, and huge crypto donations are now being investigated by legal police.

Citizens appear to be viewing cryptocurrency as an alternative asset that is protected from an overreaching government, which was part of the plan when it originally began.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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