Canadian Prime Minister Justin Trudeau has invoked the Emergencies Act for the first time since the law was passed in 1988, and the move targets cryptocurrencies.
Trudeau said he was invoking the Emergencies Act to help law enforcement agencies respond to the trucker-led protests that have snarled streets in downtown Ottawa and blocked key crossings at the U.S.-Canada border.
The Emergencies Act allows for the military to be called in to remove the protesters, among other measures. However, the Act also enables Canada’s federal government to target the protester’s finances, notably cryptocurrencies.
Speaking alongside Trudeau, Canadian Deputy Prime Minister Chrystia Freeland said banks can now immediately freeze or suspend bank accounts without a court order and without fear of civil liability.
In addition, the government is broadening the scope of Canada’s anti-money laundering and counter-terrorist financing regulations to now cover crowdfunding platforms and the payment service providers they use. These expanded powers cover all forms of transactions, including digital assets such as cryptocurrencies, said Freeland.
The Tallycoin Bitcoin (BTC) Fundraiser has raised more than 20 Bitcoin worth nearly $1 million to support the trucker protests. However, the fundraising page has now been shutdown and Tallycoin is asking people to “stay tuned” for next steps.
An earlier GoFundMe page set-up to support the protesters with financial donations has also been shutdown.
