Canada Invoking Emergency Rules Means Bitcoin, Ethereum, Dogecoin Can Also Be Seized

The government of Canada will make use of anti-money laundering and terrorist financing rules that can lead to seizure of cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD as it grapples with widespread protests.

What Happened: The Prime Minister of Canada, Justin Trudeau, invoked the Emergencies Act amid protests in the capital Ottawa and on the U.S.-Canada border, reported CoinDesk.

Canada Deputy Prime Minister Chrystia Freeland said banks can freeze or suspend bank accounts without a court order and without fear of civil liability.

The scope of existing anti-money laundering and terrorist financing rules also extends to crowdfunding platforms and payment service providers, according to Freeland.

The changes cover all forms of transactions, including digital assets like cryptocurrencies, according to the Deputy Prime Minister, reported CoinDesk.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: A crowdfunding platform, Tallycoin, has reportedly raised more than 20 BTC or approximately $1 million for truckers protesting COVID-19 restrictions in the country.

Our @tallycoinapp fundraising page has raised above and beyond our goal. Thank you to all contributors. @NobodyCaribou and @BJdichter are overseeing things moving forward, and any updates will be posted here. Stay tuned and follow both accounts for the latest.

— HonkHonk Hodl (@HonkHonkHodl) February 14, 2022

This is the first time the Emergencies Act has been invoked since it was passed in 1988, as per CoinDesk.

Read Next: Coinbase Extends Bitcoin Giveaway To Existing Users After Superbowl Fame: How To Enter

Photo: Courtesy of Justin Trudeau via Wikimedia