Canada's Prime Minister uses emergency law to crack down on bitcoin donations

 Canadian Prime Minister Justin Trudeau invokes emergency law to withhold crypto transactions.

Emergency law against bitcoin donations

Canadian Prime Minister Justin Trudeau, for the first time since taking office in 1988, invoked the emergency law to respond to the ongoing trucker protests.

The Act defines a national emergency as an urgent and critical situation that cannot be effectively addressed under any other Canadian law.

In a press interview, Trudeau said:

"This is about keeping Canadians safe, protecting people's jobs and restoring trust in our institutions."

Although the law allows for military intervention, Trudeau insisted they had no plans for it. Instead, they want to focus on the flow of money to protesters and go after those who fund illegal protests.

Alongside Trudeau, Treasury Secretary Chrystia Freeland added that banks would be given immediate powers to suspend or freeze suspect corporate or personal accounts with a court order and without fear of civil liability.

"We are making these changes because we know these platforms are being used to support illegal blockades and illegal activities that are hurting Canada's economy."

In addition, the government is taking action against crowdfunding sites and payment processors that use them by expanding the scope of Canada's anti-money laundering and anti-terrorist financing regulations. As such, they must register with the Financial Transactions and Reports Analysis Center of Canada and report any large suspect donations. Cryptocurrencies are also covered.

Some websites have reportedly raised millions of USD, including the Tallycoin bitcoin fundraiser, which raised more than 21 bitcoin (nearly USD 1 million). The organizers have since shut down the fundraising page.

After the GoFundMe platform announced it would not release the $9 million donated to the Freedom Convoy 2022 campaign, protesters chose Bitcoin to raise funds.

With Tallycoin, all BTC could be received directly into wallets until the campaign ended. Unlike GoFundMe, Tallycoin does not have the authority to withhold the funds raised.

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