Reports suggest that Canada may make the latest financial monitoring laws permanent. Cryptocurrency sites will be affected by this, and many Canadians will take ownership of Bitcoin in order to have greater control over their wealth.
The emergency law implemented by the Canadian government is being tightened in relation to financial monitoring. Canadian Finance Minister Christiaan Freeland told a news conference that the government was permanently overseeing financial transactions introduced by law.
The government has stepped in to impose surveillance to prevent funding for a protest by a convoy of truckers in Ottawa. This includes the regulation of crowdfunding sites and cryptocurrencies under the Terrorism Financing Act. Related payers were also ordered to register under FINTRAC.
The move has sparked a number of protests, with critics saying the decision was anti-democratic. Many accounts have been disabled, and large cryptocurrency donations are now being considered by law enforcement.
Unfortunately, this move also targets honest people. True North reports that a reporter has frozen his bank account for “telling the truth.” Small businesses are also said to have been harassed. But as more and more people in Canada accepted cryptocurrencies, the move was negative. Citizens see cryptocurrency as a safe haven from intrusive government.
Crypto is said to be an asset that has long been out of government control. Recent events in Canada support this function. Additional evidence has emerged from the fact that Canadians are taking an astonishing number of money from banks.
The move was premeditated, and Craigslist CEO Jesse Powell said the crackdown could ask police to freeze assets. He said the exchange would be forced to comply and citizens would have to return to decentralized sites to defend their right to their funds. Some analysts believe that this will stimulate growth in the cryptocurrency market because citizens want to maintain sovereignty over their funds.
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