The community of cryptocurrency is quite a strong one that believes in the importance of digital assets and crypto for sure. So, if there is anything that might deter the community from mining or trading crypto in the best way, there is no doubt that the community is going to respond with backlash. Well, according to crypto news current, Canada is one of the names on the list of nations that is currently on the bad side of the crypto community. According to reports, the government of Canada is receiving backlash from the community for freezing Bitcoin wallets.
The CEO of Kraken has reportedly admitted that the particular firm might actually be forced in order to freeze the different wallets of Bitcoin by the police and hence has given a piece of advice to the people to properly move their Cryptocurrency from the different exchanges for sure. All the enthusiasts, as well as members of the crypto world, have expressed some grave concerns over all the authorities in Canada promptly freezing the bank accounts along with the crypto wallets of people that were involved in the protests for local COVID-19.
This Thursday, The Superior Court Justice of Ontario, Calum MacLeod issued a particular order that would freeze the bank accounts as well as the digital assets of different people who were in association with the “Freedom Convoy”, which was a series of protests that was going on against the mandates as well as restrictions of COVID-19.
A particular report by the Toronto Star shows that the number of funds that are frozen currently in bank accounts as well as digital wallets with Bitcoin (BTC) and other assets is assessed at more than $1 million.
“The names of both individuals and entities as well as crypto wallets have been shared by the RCMP with financial institutions and accounts have been frozen and more accounts will be frozen,” Deputy Prime Minister Chrystia Freeland said on Thursday. Also, she made an argument that the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) “lacked the necessary authorities to oversee the new world of cryptocurrency.”
Major crypto advocates have subsequently reacted to the news, with Kraken CEO Jesse Powell condemning Canadian authorities. “Due process is for plebs. Might make right in Canada. If someone dissents, you just confiscate their wealth, revoke their licenses, exclude them from the financial system and kill their pets. No need to debate the law, policy, or even rights when you have a monopoly on violence,” he wrote on Twitter.
Powell also expressed concerns over crypto holders, admitting that it could be possible that Kraken could potentially be forced to freeze assets by police without judicial consent, stating:
“100% yes it has/will happen and 100% yes, we will be forced to comply. If you’re worried about it, don’t keep your funds with any centralized/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p.”
Anthony Pompliano, co-founder and partner of Morgan Creek Digital, noted that the ongoing events in Canada very much resembled a situation in China, which is commonly referred to as an authoritarian capitalist state.
Salvadoran President Nayib Bukele also took to Twitter to condemn Canadian authorities for making the country fail as a top-ranking country in the “democracy index.” Bukele argued that the widely reported supposed Ukraine–Russia crisis is a distraction, while the “real war” against freedom is happening in countries such as Canada.
As previously reported, Canadian Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, which allowed local regulators to freeze Freedom Convoy protesters’ bank accounts and monitor “large and suspicious transactions,” including crypto.
The order specifically extended the scope of Canada’s Anti-Money Laundering and anti-terrorist financing rules to cover crowdfunding platforms and the payment processors they use. “This change covers all forms of transactions, including digital assets such as cryptocurrencies,” FINTRAC said on Tuesday.