The business with the cryptos is fully legalized in Canada. Laws protecting against money laundering and terrorism financing also include cryptocurrencies. In Canada, bitcoin is equated with a commodity or non-physical properties. In addition, the Canadian government provides information about all possible risks of dealing with digital assets.
This also contributes to the fact that it is precisely the secure Crypto Casinos that are very popular among Canadians. Both the convenience of the deposit and withdrawal options and the high level of security contribute to this.
2020 was an important year for cryptos in Canada
In June 2020, new legislation came into effect in Canada, which allows the exchange of cryptocurrencies and payment providers. Since then, these have been officially classified as money service providers throughout Canada. Thus, all cryptocurrency exchanges must now be registered with the Canadian Financial Transactions and Reporting Analysis Centre.
However, the new regulations are accompanied by certain requirements for cryptocurrency organizations at the same time. Customer transactions that exceed CAD 10,000 must be reported to Canadian authorities. These organizations must also apply for registration.
Canada’s own cryptocurrency
The Bank of Canada wants to develop its own digital currency called CADcoin. The Canadian government wants to use CADcoin to maintain its monopoly on digital money. In terms of installed Bitcoin ATMs, Canada ranks second in the world behind the US. Blockchain technology has been both actively supported and extensively researched by Canada.
In Canada, it is very easy and straightforward to be able to buy cryptos. The majority of crypto exchanges accept different payment methods, including debit or credit card payment as well as PayPal and many more.
Are cryptos causing a break in financial repression in Canada?
The Canadian government enacted the Emergency Law to apply financial reprisals against anyone who participated in or supported the Freedom Convoy through donations. Now the Canadian law is to be applied against the cryptos as well.
The reason for this is that many supporters of the truckers have switched to making their donations in the form of cryptos.
In Ottawa, financial repression is already in full swing. As a result, people are increasingly turning to cryptocurrencies. The main goal is to regain the freedom that has been significantly restricted thanks to Trudeau’s government.
The government has great fears that cryptocurrencies could infiltrate the financial repressions in Canadian cities. Therefore, there is a strong effort there to close this supposed loophole as soon as possible. That’s why the Government of Canada is reaching out to businesses and exchanges.
The rules of the emergency law also stipulate that crypto companies will be required to stop any transaction that goes to certain crypto addresses. In addition to Bitcoin addresses, Litecoin, Ether, Monero, Ada and Ethereum Classic addresses are also mentioned in this context.
Any information in this regard is to be reported immediately to the relevant police department in Canada. Such reports are probably responsible for the Canadian government being able to pass on such information to the banks at all. They, in turn, could then block the corresponding accounts.
It seems that just trying to transfer coins to truckers is enough to be sanctioned. However, this also affects transfers that were still perfectly legal in Canada at the time of execution.
What is quite interesting about this scenario is the fact that not even ransomware, hacking, fraud, or drug and arms trafficking have triggered a reaction from the Trudeau government that would have been worth mentioning. The reaction now, on the other hand, is quite different with the truckers’ protests. This reaction can rightly be classified as absolutely totalitarian.
However, the whole thing is even more explosive because Canada, of all places, has become the playing field, even though the many cryptocurrencies have proven themselves so well in everyday life here.
Controlling cryptocurrencies is not as easy as thought
It is true that Bitcoin transactions are not anonymous. However, if the coins are sent from the recipient’s own wallet, the Canadian government has no means of blocking this money transfer. If the recipient also has his own wallet, it is also impossible for the government to confiscate the donations.
However, this solution is not perfect either, because with this approach the user again has to reckon with sanctions of his private bank account. It could well be withdrawn from him. Nevertheless, there is of course a significant difference, because the facts are opposed here, whether one can break a law and face a penalty for it, or whether it is simply made impossible to break a law.
An uprising is entirely possible, provided the population accepts penalties in order to continue protesting. Otherwise, such an uprising is impossible from the outset, even if the population would be willing to protest and bear the threatened consequences for it.
In the present case, however, the truckers are guaranteed to have problems exchanging the coins for Canadian dollars. Neither the exchanges will be allowed to open accounts, and the Canadian bank will not be allowed to issue an account. However, no one can prevent the truckers from buying food from supporters with Bitcoins or paying for their gasoline in Bitcoin, for example.
This makes it abundantly clear that cryptos have overwhelming advantages over traditional finance.
There are ways to escape observation
There is a total of 5 options available for this:
- One can use the Lightning.
- It is also possible to use CoinJoin or other mixing methods.
- Through several transactions it is possible to blur the proof of authorship.
- It is also possible to send the Bitcoins to foreign exchanges or platforms. These will presumably be under far less pressure and are not subject to the Trudeau government.
- Truckers can receive Bitcoins “smarter” by using new addresses for each transaction. This is not ideal, but it makes timely monitoring much more difficult.
Whether these measures will ultimately be enough to undermine the Trudeau government’s financial repressive measures is hard to say. But they definitely offer an excellent opportunity that traditional finance cannot provide in any way.
However, it is definitely a fact that the financial repression, which is also supposed to affect cryptocurrencies in Canada, is far from showing the desired success as the government has imagined. In contrast to the repressions that the banks are currently facing, they are even almost negligible.
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