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Canada on warpath with Bitcoin

By Yugocean | Crypto Champion | 25 Feb 2022


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     The ongoing Freedom Convoy in Canada is slowly developing itself into a movement of Canada vs Bitcoin and other cryptocurrencies.

Strike & Reason
     Govt of Canada has frozen bank accounts, suspended insurance of those, who are involved in the ongoing strike. This has made people to move to Bitcoin and altcoins, to fund themselves and their movement. This has made the Canadian government to impose controls on cryptocurrency platforms in order to take the control of this new economic change, but this isn't as easy as government thinks.

Government's limitation
     A major limitation of this is that the government can give instructions to cryptocurrency exchange platforms under its jurisdiction, but not to other, not even to provide of crypto wallet that requires private keys / seeds. The limits of this control have sparked a new controversy.

Nunchuck Wallet Controversy

snap from Nunchuck wallet tweet
     Just on February 18, 2022, the Ontario Superior Court of Justice issued a Mareva injunction to Nunchuck Bitcoin Wallet to freeze the bitcoins of those involved in the movement and extract their information. However, the latter declined, stating that it is only a software provider, and did not have access to the user's data or assets; they even mocked the effort and Canadian dollar, which sparked a row.

Kraken and Coinbase Controversy 

combined screenshot of tweets by Kraken & Coinbase CEOs.
     Kraken's CEO Jesse Powell, and Coinbase's CEO Brian Armstrong even went ahead urging people to use noncustodial wallets for safety of their funds. Government can control exchange companies, but not the noncustodial wallets; so both CEOs were reported to the Ontario Securities Commission (OSC), which is the authority of regulating securities. The OSC reported this to the Royal Canadian Mounted Police (RCMP), which is now investigating the case.

Social Media Behavior
     The Canadian government is being discredited by this behavior. On social media, supporters of the government are directly attributing the objections coming from all over the world, making their own international mockery.

International Incident
     The President of El Salvador has also raised this strongly, as international organizations that have accused Nayib Bukele of human rights abuses for accepting bitcoin are silent on Canada.

Possible Conclusion
     Time will tell what the future holds, but it seems likely that this struggle will strengthen not only cryptocurrencies in Canada, but also government control over the people.

 

https://read.cash/@Yugocean/canada-on-warpath-with-bitcoin-b5001553

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