Canada makes it harder to collect donations in cryptocurrencies due to its wider protests.
Canadian Prime Minister Justin Trudeau has invoked the Emergency Act to deal with protests. This act will complicate the collection of donations in cryptocurrencies. According to Trudeau, the emergency measures will be limited and applied only where necessary. Canadian Prime Minister ruled out the use of armed forces.
“This is about keeping Canadians safe, protecting people’s jobs, and restoring faith in our institutions.”
I want to be very clear about what we are – and are not – doing by invoking the Emergencies Act, and how taking this step will help get the situation under control. In case you missed our announcement earlier today, watch this: pic.twitter.com/htGmZH09Jd
— Justin Trudeau (@JustinTrudeau) February 15, 2022
Since the end of January, demonstrations against anti-COVID restrictions have made truckers across Canada have been taking place in Canada.
Since the end of January, Trucker from all over Canada started demonstrations against anti-COVID restrictions. These rallies went strong and made the government to stop the funding of protests.
According to CNN, the protesters blocked the center of Ottawa and barricaded the bridge connecting the American Detroit and the Canadian Windsor.
Initially, the protesters used the GoFundMe and GiveSendGo platforms to receive donations. However, GoFundMe closed the collection in early February and announced a refund.
“To simplify the process for our users, we will be refunding all donations to the Freedom Convoy 2022 fundraiser.”
Also, the Tallycoin bitcoin fundraiser was able to raise 20 Bitcoins, equivalent to $1 million, for the truckers. So Canadian authorities decided to restrict all kinds of crypto donations.
The Law on the State of Emergency was adopted in 1988 by Canada but has never been applied to date. It gives the government sweeping enforcement powers and allows banks to freeze the personal accounts of anyone associated with or supporting protests without a court order.
As per the Canadian Emergency law passed in 1988:
“For this Act, a national emergency is an urgent and critical situation of a temporary nature” that cannot be effectively dealt with under any other law of Canada.“
At a conference on Feb. 14, Finance Minister Chrystia Freeland said that, as part of the Emergencies Act, they are broadening Canada’s “Terrorist Financing” rules to cover crowdfunding platforms and cryptocurrencies to the Canadian Freedom Convoy.
The Emergency Act expands the scope of the rules on combating money laundering and the financing of terrorism. Crowdfunding platforms must report “large and suspicious transactions” to FINTRAC.
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