Crypto Markets Reclaim 2 Trillion Mark After Canada Tihtens Control over Financial
2 min read

Crypto Markets Reclaim $2 Trillion Mark After Canada Tightens Control over Financial System

By News Desk

The crypto market cap briefly reclaimed the $2 trillion level today following news of the Canadian government invoking new emergency powers to surveil and seize their citizens’ finances.

Currently, there is a large number of truckers stationed in Canada’s capital in protest of Covid-19 restrictions and vaccine mandates. To fund the protest, the trucker convoy has utilized several centralized platforms to raise money, including GoFundMe and GiveSendGo. Both fundraising methods have been shut down by authorities, putting millions of dollars worth of donations in limbo.

With the trucker protests as a justification, Justin Trudeau’s government has moved to obtain more control over the flow of finances, including cryptocurrencies, in Canada. In a statement, Canada’s Deputy Prime Minister & Minister of Finance said:

“This is about following the money. This is about stopping the financing of these illegal blockades. We are today serving notice: if your truck is being used in these protests, your corporate accounts will be frozen.

The insurance on your vehicle will be suspended. Send your semi-trailers home. The Canadian economy needs them to be doing legitimate work, not to be illegally making us all poorer.”

In invoking the never-before-used Emergencies Act, the Canadian government has “broadened the scope of Canada’s anti-money laundering and terrorist financing rules” to cover crowdfunding platforms, payment providers, and apply to “all forms of transactions, including digital assets such as cryptocurrencies.”

For those uncomfortable with the growing power of the state to oversee finances, the situation in Canada is highlighting the benefits of cryptocurrency and a decentralized economic system.

At the time of writing, Bitcoin (BTC) is up 4% on the day, while Ethereum (ETH) has so far rallied 7%, despite being in fairly pronounced downtrends. Most other majors have also put in modest gains over the last 24 hours, while privacy coins like Monero (XMR) and Pirate Chain (ARRR) are also up substantially over the last couple of weeks.

Newsletter Inline

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Latest Posts

Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read
crypto com
Crypto.com Exchange Review 2022: A World-Class Crypto Exchange
crypto com

Crypto.com Exchange Review 2022: A World-Class Crypto Exchange

June 14th, 2022 30 min read

Related Posts

Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read
Top Desktop Crypto Wallets
The 8 Best Desktop Wallets in 2022
Top Desktop Crypto Wallets

The 8 Best Desktop Wallets in 2022

May 30, 2022 16 min read