The Canadian authorities intend to put into practice the "Emergencies Act", which, among other things, will allow the government to block the bank accounts of citizens and track the crypto transactions of Web users. According to reports, the adoption of such drastic measures by senior Canadian officials was prompted by the increasing incidence of terrorist financing in digital assets.
Canada enforces an "Emergency Act" aimed at crowdfunding and cryptocurrencies.
The expanded scope of terrorism financing rules includes crypto-currency transactions for protesters and gives the government the power to freeze bank accounts.
In particular, Prime Minister Chrystia Freeland said in a statement that so far the government will block funds only to the organizers and participants of the Freedom Convoy protest movement.
Trending: Smart Contracts Audits Startup Hexens Closed $4.2 M Seed Funding
As for tracking cryptocurrency transactions, the official noted that all large and suspicious transfers made by residents of Canada are going to fall under the careful verification of the authorities.
“These innovations will not only enhance the economic security of the country but also become an effective tactical maneuver aimed at combating the financing of terrorism,” Freeland said at a recent press conference.
In this context, it is worth adding that the participants and supporters of the Freedom Convoy protest movement have already managed to raise about $19 million. The activists managed to raise such a substantial amount thanks to the GoFundMe and GiveSendGo fundraising platforms. Thus, the users of these crowdfunding websites will be under the control of the government in the first place. The authorities are confident that the increase in precautionary measures will bear fruit - it will strengthen the security and economy of Canada.