Wednesday, June 19, 2024

Canada’s ‘Emergencies Act’ is being used to target crowdfunding and cryptocurrency.

Canada’s ’emergencies Act’ Is Being Used To Target Crowdfunding And Cryptocurrency

Regulatory bodies keep tightening the security around the cryptocurrencies in the market. This could be interesting to see what might happen next. As of Monday, Justin Trudeau, prime minister of Canada, has announced that the government has invoked the Emergency Act. This act is called on to increase the country’s ability to address blockades and occupations.

This decision was made when the truck drivers, who were blocking the bridge that was crucial for international trades. This resulted in raising more than $1 million worth of bitcoin right before the organizers shut down the fundraising page.

Under this Emergencies Act, the regulators can use their delegated powers to suspend or freeze any bank account without any court order and take other necessary steps if needed. This is the firm time when a Canadian leader invoked such a rule ever since the law was passed in 1988. Under this law, the leader can also allow military intervention but Mr. Trudeau said he has no such intention.

Furthermore, the government also said that the country is now expanding the scope of terrorist financing and anti-money laundering rule. The reason for this expansion is to cover all the crowdfunding platforms that include platforms that facilitate cryptocurrency transactions.

The fundraising page GoFundMe for Freedom Convoy truckers was shut down after raising about a million dollars. It was shut down after receiving reports of violence during the protests in Ottawa encouraging the protestors to accept Bitcoins via DeFi Space.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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