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Canada launches crypto and stablecoin consultation

 

Canada launches crypto and stablecoin consultationGiven the fact that coins are legal assets in Canada, the country has taken steps to further the assets’ legality. Recently, Canada has been improving their crypto adoption methods.

Specifically, the Canadian federal government launched a consultation program for crypto, stablecoins, and Central Bank Digital Currencies (CBDCs). This was included in the budget that was released by Deputy Prime Minister Chrystia Freeland. It was planned carefully with their budget for COVID-19 recovery and hurricanes.

With this program, digital assets can be used easily by those who play at online casino crypto sites or for other uses. For those who haven’t heard about the program yet, here are a few things you should know:

Program’s main objective

This announcement was included in a small section on the ‘Addressing the Digitalization of Money’ that is listed as part of the government’s plans on crypto. This was released as part of the ‘2022 Fall Economic Statement’ last November 3 where the yearly budget was discussed thoroughly.

A part of the document entitled ‘effective government’ says, ‘The digitalization of money poses a challenge to democratic institutions around the world. In the last several months, digital assets and coins have been used to avoid global sanctions and fund illegal activities, both in Canada and around the world’. This underlines the use of coins for both domestic and international sanctions evasion and the funding of illegal activity.

Aside from that, it also includes a legislative review that tackles financial stability and security. That way, it will be easier for the country to transform their financial system and learn how it can make using coins easier for its users in the country.

Emergencies Act

Earlier this year, Canada made headlines after Prime Minister Justin Trudeau invoked the Emergencies Act on February 14. This is the first time that Canada made history by giving the government the power to freeze protesters’ bank accounts and monitor large and sketchy transactions.

Two days later, the Canadian federal police wrote to several exchanges that they cease processing deals. It involved more than 30 unique crypto wallet addresses that are connected to the protests.

This was done in response to the protests that were held in Ottawa in January about the COVID-19 mandates and restrictions in the country. The protesters were also focused to raise the issue that they were moving to crypto fundraising platforms since those that used fiat kicked them off.

A month later, a state of emergency was declared because of road blockades which led to the freezing of millions worth of donations to protestors. According to several news reports, a huge percentage of the $24 million raised, including some crypto funds, are still blocked.

With the implementation of the consultation program, Canadians are more than eager to see what changes will take place, especially in the financial industry. More importantly, many wonder if this will bring more perks to those who usually play in online casino crypto sites and in other uses.

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