Canada invokes ‘Emergencies Act’ targeting crowdfunding and crypto

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Canada invokes ‘Emergencies Act’ targeting crowdfunding and crypto
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The Freedom Convoy keeps on trucking to the dismay of the Canadian government. Today, Prime Minister Trudeau assumed emergency powers which provides the authority to freeze bank accounts and even block crowdfunded Bitcoin donations.

that Quebec Premier Francois Legault said prior to Trudeau’s announcement that invoking the Emergencies Act could “throw oil on the fire.” However, Trudeau insisted the emergency powers would be “applied temporarily and in a highly specific manner.”today that the Prime Minister has overstepped his authority by invoking the Emergencies Act. It said, “The federal government has not met the threshold necessary to invoke the Emergencies Act.

“This law creates a high and clear standard for good reason: the Act allows government to bypass ordinary democratic processes. This standard has not been met.”For now, it is still unclear as to what specific payments will be blocked. In the press conference, Freeland only noted that all crowdfunding platforms are required to report “large and suspicious transactions” to Fintrac, The Financial Transactions and Reports Analysis Centre of Canada.

Crypto supporters such as Pylon Holding Company founder Preston Pysh have shared sardonic delight at the possibilities for adoption that the Freedom Convoy has made apparent. Pysh tweeted today in response to Freeland, “What an advertisement for Bitcoin.”

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