Canada: Emergencies Act Revoked As the Global Crypto Market Crashes

Key Insights

• Canadian Prime Minister announced that the use of the Emergencies Act would be ended
• Federal officials of the country stated that all the frozen bank accounts are now being unfrozen
• Recently people began heavily withdrawing money due to the fear of the same, but crypto transfers remain unstopped

The anti-vax campaigns of Canada, particularly the Freedom Convoy Campaign, where truckers protested against the mandate of vaccinations, which led to the induction of the Emergencies Act.

This came to an end today amidst other more significant global issues.

The End of an Emergency

One of the biggest reasons behind invoking the Act on the Government’s end was to cut access to funding for the protestors.

Through the Act, the Canadian authorities could implement the strategies to detect “Terrorist financing” and use it to monitor “large and suspicious” accounts and freeze them.

This decision was taken after crowdfunding for the campaigns moved to a platform called Tallycoin after the GoFundMe platform canceled the Freedom Convoy Campaign on its platform.

While the Government did this to put an end to the protests, people around the world observed this to be an attack on financial and democratic freedom. 

The threat of frozen bank accounts led to citizens withdrawing vast sums of money, and many even turned to Bitcoin, citing its anonymity and decentralization.

Today the same Emergencies Act has been brought to an end as the Government now feels that the existing laws and local law enforcement can keep people safe. He tweeted:

“When we invoked the Emergencies Act on Monday of last week, we had three principles in mind: restoring peace and order, making sure the measures were proportionate and compliant with the Charter of Rights and Freedoms, and making sure it was time-limited…Today, after careful consideration, we’re ending the use of the Emergencies Act.”

Accounts Unfrozen

The federal officials also stated to the parliamentary committee that the 210 frozen bank accounts are now being unfrozen. These accounts jointly held about $7.8 million in all and were found donating to the crowdfunding campaigns.

Now, although the freedom to donate in crypto has been given back, there is a chance that people might refrain from conducting crypto transactions for now.

As the Ukraine – Russia conflict deepened today due to Russia’s attack on the former, the global financial market, including crypto, has crashed, and it will be a while before it recovers back to its feet.