The Conservative Party’s Prime Ministerial nominee believes Canadians should be able to use Bitcoin and other digital assets as currency in the Great White North.
Pierre Poilievre, the Canadian Conservative Party’s candidate for Prime Minister, has stated his support for letting Canadians to use Bitcoin (BTC) as legal currency in the country.
On March 29, the YouTube channel BITCOIN released a video of Poilievre speaking in front of a gathering of roughly 100 people at a local restaurant about the need for “greater financial freedom” in Canada. “That includes the freedom to own and use crypto, tokens, smart contracts, and decentralized finance,” he continued.
“People should have the freedom to choose other money. If the government is going to abuse our cash, we should have the freedom to use other, higher quality cash.”
In reaction to the Freedom Convoy rallies in Ontario earlier this year, the Canadian government lead by Liberal Party Prime Minister Justin Trudeau took a hardline stance against cryptocurrency. In January and February, Canadian officials seized protestors’ bank accounts and attempted to prevent all donations to drivers, including those made in cryptocurrency.
Conservative leadership candidate @PierrePoilievre buys chicken shawarma from @TheRealTahinis using bitcoin Lightning Network. Transaction cost was one satoshi, which the consumer covers. This was the first bitcoin purchase at Tahini’s. pic.twitter.com/T5hVlY4fy0
— Andrew Lawton (@AndrewLawton) March 28, 2022
Koleya Karringten, Executive Director of the Canadian Blockchain Consortium (CBC), told Cointelegraph today that the Liberal administration is now “hostile to crypto,” owing to a “lack of information, understanding, and legislative clarity.”
“It’s important to have a strong advocacy position to educate the government on blockchain. Once they see the level of tax revenue, they will know this isn’t an industry for criminals, it’s an industry for innovation.”
Karringten feels that there are now more crypto holders as a result of the issues generated by Prime Minister Trudeau’s use of the Emergencies Act in February. Catalyst, a non-profit organization, stated on Feb. 23 that the issues could have resembled a bank run.
Despite his zeal, Poilievre’s support for Bitcoin may only reach a limited number of Canadians. According to Ipsos data, just approximately 14% of Canadians over the age of 18 owned cryptocurrency as of last October. However, that figure is up from just 3% in 2016, indicating a phenomenal rate of growth.
The outlook for adoption appears to be positive, as Ipsos discovered that approximately 25% of Canadian adults are considering purchasing cryptocurrency in the future. This opinion is congruent with a January research conducted by Cointelegraph, which indicated that 62 percent of 1,000 Canadian respondents would be interested in being paid in cryptocurrency by 2027.
Kerrington is enthusiastic about the adoption of cryptocurrency in Canada. She stated that there has been a “great surge” in the amount of interest expressed by inhabitants of Alberta, where the CBC is based. She continued, saying:
“Banks can’t ignore it anymore. Politicians can’t ignore it anymore. They are all starting to ask ‘How can we adopt it?’”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.