The Canadian Bills to Quell Trucker Protest Affect Cryptocurrency Services in a Long-term

The Canadian Bills to Quell Trucker Protest Affect Cryptocurrency Services in a Long term The Emergency Act was enacted Justin TrudeauOn the 14th local time, Canadian Prime Minister Justin Trudeau announced the first activation of the “The Emergencies Act” in an attempt to quell the protests of truck drivers “Freedom Convoy” , which have swept across the capital Ottawa and other major cities, as well as in the Canada-U.S. border area. The protests of Canadian truck drivers stemmed from the government’s “vaccine requirements”, which require truck drivers traveling between the United States and Canada to present a certificate of Covid vaccination when entering Canada. Trucks to deliberately disrupt traffic at the entrance to the Ambassador Bridge as opposition. The bridge is an important commercial link between Canada and the U.S. More than 25% of commercial trade between the two countries passes through this bridge. 👉Cryptocurrency investment👈 This is the first time The Emergencies Act has ever been invoked since it was passed in 1988. The law stipulates that the government can exercise emergency powers in critical circumstances where the lives, health, safety, etc. of Canadians are seriously threatened. In an interview with the media, Bill Blair, Minister of Emergency Preparedness, revealed Canada government’s decision to invoke the “Emergency Act”. Law enforcement officers are empowered for 30 days to ban people from gathering in certain locations, tow private vehicles blocking roads. Financial institutions can block funds used to support illegal blockades without a court order. Cryptocurrency industry is affected One of the amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act came into effect, which confirms cryptocurrencies, such as Bitcoin, as assets. Cryptocurrency exchanges, payment processors and other cryptocurrency companies are brought into regulations as they are considered money services businesses (MSB). However, the CBC, a federal Crown corporation funded by the government, said the funds flowing to the protests exposed loopholes in Canada’s rules on political contributions. People who are not Canadian citizens or permanent residents are prohibited from donating to Canadian politicians or political parties, the donations by non-Canadian citizens to political protests in the country are not regulated. Cryptocurrency payment service providers are now required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and report large transactions to Canada’s financial regulator. 👉Cryptocurrency investment👈 Canadian Finance Minister Chrystia Freeland has announced that the government will take new steps to regulate crowdfunding sites, which are currently not obligated to report to Canada’s money laundering and terrorist financing watchdog, FINTRAC. “We are broadening the scope of Canada’s anti-money-laundering and terrorist-financing rules so that they cover crowdfunding platforms and the payment service providers they use,” said Chrystia Freeland, “These changes cover all forms of transactions, including digital assets such as cryptocurrencies.” It is expected the emergency bill will have a long-term impact on crypto payment providers. Perhaps future protest croudfunding in Canada will have to rely on smart contracts. The crowdfunding efforts are in difficult situations Despite legal loopholes, crowdfunding platform GoFundMe still shut down its fundraiser at the behest of Ottawa police. Before announcing it would refund all donations, the platform has raised more than $10 million from more than 120,000 donations for Freedom Convey. Protest organizers then turned to the Christian crowdfunding site GiveSendGo, which had raised $9.05 million from 101,919 donations as of February 12. On the evening of February 13, users who tried to access the crowdfunding site were redirected to another domain that played the video with scrolling text: “GiveSendGo has a history of providing a platform for individuals and organized groups to fund hate groups, promote disinformation and insurrection disguised as ‘protests,’” Though the website administrators regained access to the domain several hours later, protest organizers said funds raised for the truckers’ protest had not yet been released In a press release on February 13. About 21 bitcoins (around $924,000) was raised through crowdfunding platform TallyCoin. It is reported that Jesse Powell, co-founder and CEO of Kraken exchange, donated 1 bitcoin for this purpose. Currently the campaign’s organizers have closed the cryptocurrency fundraising page and asked everyone to “stay tuned” for the next move. The details of how this money will be handed over to the Truckers are disclosed yet. 👉Cryptocurrency investment👈 Truckers in the U.S. are also “planning” to block major roads in major cities in protest against mandatory vaccinations, according to a notice sent by the U.S. Department of Homeland Security to U.S. local governments and state law enforcement. — — — — — — — — — — — — — — — — — — — — — — — — — — — — About LuckyHash LuckyHash is the world’s leading one-stop crypto asset management platform. It provides pledge-free mining hashrate leasing and waranteed cryptocurrency interest-generating plans. Website | Twitter | Facebook | Telegram | LinkedIn | Reddit | YouTube 👉Cryptocurrency investment👈 Create a LuckyHash account under this link to receive 10 TRX