Conservative Prime Ministerial candidate Andrew Scheer says Canadians should be able to use Bitcoin and other cryptocurrencies as money in the Great White North.
Pierre Poilievre, the Canadian Conservative Party’s candidate for Prime Minister, has come out in favour of enabling Canadians to use Bitcoin (BTC) as legal currency.
On March 29, the YouTube channel BITCOIN uploaded a video of Poilievre declaring that Canadians need “greater financial freedom” in front of a gathering of roughly 100 at a nearby restaurant. “This includes the right to own and utilise cryptocurrency, tokens, smart contracts, and decentralised finance,” he said.
“People should have the option of using other forms of currency. If the government is going to misuse our money, we should be able to utilise other, higher-quality money.”
Earlier this year, the Canadian government, headed by Liberal Party Prime Minister Justin Trudeau, took a strong stand against cryptocurrency in reaction to the Ontario Freedom Convoy rallies. Canadian government seized protesters’ bank accounts and sought to prohibit any contributions to truckers, including those made in cryptocurrency, in January and February.
Koleya Karringten, Executive Director of the Canadian Blockchain Consortium (CBC), told Cointelegraph today that the Liberal government is now “fostering a hostile climate against crypto,” owing to a “lack of education, comprehension, and legislative clarity.”
“It is critical to maintain a strong advocacy posture in order to educate the government about blockchain technology. When they see the quantity of tax income, they will understand that this is not a criminal enterprise, but an industry of innovation.”
Karringten feels there are now more cryptocurrency holders as a result of the issues generated by Prime Minister Trudeau’s emergency declaration in February. According to the non-profit group Catalyst, the issues may have resembled a bank run.
Despite his zeal, Poilievre’s support for Bitcoin may resonate with just a tiny percentage of Canadians. By October of last year, research company Ipsos estimated that around 14% of Canadian people over the age of 18 held bitcoin. However, that figure is up from only 3% in 2016, indicating a phenomenal pace of growth.
The forecast for adoption seems to be favourable, as Ipsos also discovered that around 25% of Canadian people are contemplating purchasing cryptocurrency in the future. This view is congruent with a poll published in January by Cointelegraph, which found that 62% of 1,000 Canadian respondents would be interested in receiving payment in cryptocurrency by 2027.
Kerrington expresses optimism about Canada’s embrace of cryptocurrency. She noted a “dramatic rise” in the level of interest voiced by inhabitants of provincial Alberta, where the CBC is based. Additionally, she stated:
“Banks can no longer ignore it. Politicians can no longer ignore it. They are all beginning to wonder, ‘How are we going to embrace it?'”