Responding to the weeks-long trucker-led protests that have clogged Ottawa streets and blocked key crossings at the US-Canada border, Canadian Prime Minister Justin Trudeau invoked the Emergencies Act for the first time since the law was passed in 1988 this afternoon.
“This is about keeping Canadians safe, protecting peoples’ jobs and restoring faith in our institutions,” said the prime minister. Though the Emergencies Act allows for the military to be called in, Trudeau has stated that he has no plans to do so for the time being.
The Canadian prime minister’s action includes broadening anti-money-laundering legislation to include crowdfunding platforms and cryptocurrency transactions.
Instead, the government appeared to be planning to target protesters’ financial resources. Deputy Prime Minister Chrystia Freeland said, alongside Trudeau, that banks can immediately freeze or suspend bank accounts without a court order or fear of civil liability.
Furthermore, the government is expanding the scope of Canada’s anti-money laundering and terrorist financing laws to include crowdfunding platforms and the payment service providers that support them.
These changes, according to Freeland, apply to all types of transactions, including digital assets such as cryptocurrency.
According to reports, the Tallycoin bitcoin fundraiser raised more than 20 bitcoin (BTC), or nearly $1 million, for the truckers. The organizers have closed the fundraising page and are asking everyone to “stay tuned” for more information on the next steps.
To read our blog on “After a security threat was resolved, America’s largest cryptocurrency exchange resumed advanced trading,” click here.
