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The Crypto community widely condemns Canada for freezing the Bitcoin wallets of dissidents. On Thursday, Justice Calum MacLeod of the Ontario Superior Court issued an order freezing all digital assets and bank accounts associated with “Freedom Convoy,” a series of ongoing protests against COVID-19 vaccine mandates and restrictions.
Kraken’s CEO admitted that the company may be forced to freeze some wallets by the police, advising users to withdraw cryptocurrency from exchanges.
Cryptocurrency enthusiasts around the world are concerned that Canadian authorities have frozen bank accounts and cryptocurrency wallets used to fund local COVID-19 protests.
The total amount of funds frozen in bank accounts and digital wallets containing Bitcoin (BTC) and other assets is estimated to be more than $1 million, according to the Toronto Star.
On Thursday, Deputy Prime Minister Chrystia Freeland announced that the RCMP had shared the names of both individuals and entities, as well as crypto wallets, with financial institutions, and that accounts had been frozen and that more accounts would be frozen.
She also claimed that Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) “lacked the necessary authorities to oversee the new world of cryptocurrency.”
Following the news, major crypto advocates reacted, with Kraken CEO Jesse Powell criticising Canadian authorities. He claimed that due process is for plebs. In Canada, might makes right. If someone disagrees, you simply confiscate their assets, revoke their licences, bar them from the financial system, and kill their pets. When you have a monopoly on violence, there is no need to debate the law, policy, or even rights.
Powell also expressed concern about cryptocurrency holders, admitting that Kraken could be forced to freeze assets by police without judicial consent.
According to Anthony Pompliano, co-founder and partner at Morgan Creek Digital, the current events in Canada are very similar to the situation in China, which is commonly referred to as an authoritarian capitalist state.
Salvadoran President Nayib Bukele also took to Twitter to criticise Canadian officials for causing his country to fail as a top-ranking country in the “democracy index.” Bukele contended that the widely publicised alleged Ukraine–Russia crisis is a distraction from the “real war” against freedom taking place in countries such as Canada.
On Monday, Canadian Prime Minister Justin Trudeau invoked the Emergencies Act, allowing local regulators to freeze the bank accounts of Freedom Convoy protesters and monitor “large and suspicious transactions,” including cryptocurrency.
The order specifically extended the scope of Canada’s anti-money laundering and counter-terrorist financing regulations to include crowdfunding platforms and the payment processors they use.