Canada emergency bill targets crowdfunding and crypto
The Canadian government has taken aim at the fundraising efforts of protesters opposing Covid-19 restrictions with new crypto rules.
Yesterday, Canada invoked the ‘Emergency Act’ for the first time and expanded the scope of its terrorist funding and anti money laundering rules to enable the government to block crowdfunding and crypto payments.
The rule change targets funding being received by truckers protesting against Covid-19 restrictions who have brought Canada to a standstill in recent weeks by disrupting major cities including Ottawa with convoys.
“This is about keeping Canadians safe, protecting peoples’ jobs and restoring faith in our institutions,” said prime minister Justin Trudeau.
Protesters amassed $19m in funds through the fundraising platforms GoFundMe and GiveSendGo. An additional fundraising round was organised using Bitcoin after the payments were blocked.
Bitcoin donations made through the site “Bitcoin for Truckers,” hosted by a cryptocurrency crowdfunding service, had raised $946,000 as of Monday morning. While the organisers have now shut down the fundraising page, they requested supporters “stay tuned” about next steps.
Reacting to the news, avid Bitcoin enthusiast and President of El Salvador Nayib Bukele questioned Canada’s commitment to democratic rule.
The Emergencies Act allows Trudeau to call in the military, but the Canadian premier said he has no plans to do so.
Read more: Russia to embrace crypto as Fitch downgrades El Salvador, KPMG Canada bets on BTC and ETH