Canada’s Conservative member Pierre Poilievre on 28 March said that cryptocurrencies like bitcoin and ethereum would “decentralize” the economy and reduce the influence of central bankers. Poilievre who is running for the PM post attempted to woo the crypto community by saying that if he is elected he would legalize crypto and work towards making the country the ‘blockchain capital of the world’.
The news comes at a time when Canada’s present gov has taken a stiff stance toward the digital assets industry during the Freedom Convoy protests. As reported by TronWeekly, Prime Minister Justin Trudeau decided to invoke the 1988 Emergencies Act, freezing crypto transactions in a bid to cut off all funding routes of the trucker blockades.
The prime ministerial candidate spoke fervently at a shawarma shop in London, Ont. that accepts bitcoin as payment, Poilievre rued that after the outbreak of the COVID-19 crisis, the Bank of Canada created “$400 billion in cash out of thin air”. This according to him is the reason why inflation hit a 30-year high and housing prices broke all-time record levels.
Throwing his weight behind bitcoin, Poilievre said, “Canada needs less financial control for politicians and bankers and more financial freedom for the people. That includes freedom to own and use crypto, tokens, smart contracts, and decentralized finance.”
As the onus of Securities regulation falls in provincial jurisdiction, Poilievre said he’d work with the provinces and territories to eliminate a “cobweb of contradictory rules” that govern crypto and blockchain the system.
Canada’s PM candidate wants crypto to act like gold
The Conservative candidate also said he wants crypto to be treated like gold and other commodities for taxation purposes. Poilievre claims it would help foster “a new, decentralized, bottom-up economy” by creating a more permissive regulatory environment.
In a veiled attack on Trudeau’s administration, the fierce critic called for financial sovereignty in the current system. And reiterated the need for choice and healthy competition.
Poilievre said,
“Choice and competition can give Canadians better money and financial products. Not only that, but it can also let Canadians opt out of inflation with the ability to opt into cryptocurrencies. It’s time for Canadians to take back control of their money and their lives by making Canada the freest country on earth.”