Canada Invokes Emergencies Act that Targets Crypto

The Canadian government today for the first time invoked the Emergencies Act since the law was passed in 1988 in an attempt to restrict funding to truck drivers protesting the country’s COVID-19 restrictions. Under the act, the government can seize cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or any other ‘large and suspicious transactions’ as the country grapples with widescale protests. Canada’s Attempt at Blockade Crackdown On Feb. 14, Deputy Prime Minister Chrystia Freeland, who also serves as finance minister said in a press conference that crowdfunding platforms and payment services providers including crypto linked to the Freedom Convoy protest must now register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). “We are broadening the scope of Canada’s anti-money laundering and anti-terrorist financial rules so they cover crowdfunding platforms and the payment providers they use,” Chrystia Freeland said during a press conference. “We are making these changes because we know that these (crowdfunding) platforms are being used to support illegal blockades and illegal activity which is damaging the Canadian economy,” she added. The move comes as a direct response to the ongoing trucker blockades, which have caused major disruption to cities including the country’s capital Ottawa. The act claims to counter ‘illegal’ protests over Canada’s COVID-19 restrictions. Fundraising through Bitcoi...