Canadian Conservative Party candidate for Prime Minister Pierre Poilievre has come out in favor of allowing Canadians to use Bitcoin (BTC) as legal tender in the country.
the youtube channel Bitcoin posted a video on March 29 of Poilievre saying the people of Canada need "more financial freedom" before a crowd of about 100 people at a local restaurant. He added: "That includes the freedom to own and use cryptocurrencies, tokens, smart contracts and decentralized finance."
โPeople should be free to choose another type of money. If the government is going to abuse our cash, we should be free to use other, higher quality cash.โ
Earlier this year, the Canadian government led by Liberal Party Prime Minister Justin Trudeau took a hard line. approach against crypto in response to the Freedom Convoy protests that took place in Ontario. In January and February, Canadian officials froze protesters' bank accounts and attempted to block all donations to truckers, including those made in cryptocurrency.
Conservative leading candidate @PierrePoilievre buy chicken shawarma from @TheRealTahinis using Bitcoin Lightning Network. The transaction cost was one satoshi, which is covered by the consumer. This was the first bitcoin purchase at Tahini's. pic.twitter.com/T5hVlY4fy0
โ Andrew Lawton (@AndrewLawton) March 28, 2022
Canadian Blockchain Consortium (CBC) CEO Koleya Karringten told Cointelegraph today that right now โit is a liberal government hostile environment towards cryptocurrencies,โ which is due โto a lack of knowledge, understanding, and regulatory clarity. ".
โIt is important to have a strong advocacy position to educate the government on blockchain. Once they see the level of tax revenue, they will know that this is not an industry for criminals, it is an industry for innovation.โ
Karringten believes that there are now more cryptocurrency holders following the complications caused by Prime Minister Trudeau invoking the Emergencies Act in February. The non-profit organization Catalyst he said on February 23 that those complications may have resembled a bank run.
Despite his fervor, Poilievre's support for cryptocurrency may yet resonate with only a small group of Canadians. Last October, the research firm Ipsos had determined that only about 14% of Canadian citizens over the age of 18 owned cryptocurrencies. However, that number has increased from just 3% in 2016, indicating a huge rate of growth.
Related: Coinbase Will Track Off-Platform Cryptocurrency Transfers in Canada, Singapore, and Japan
Adoption prospects look promising, as Ipsos also found that around 25% of Canadian adults are considering purchasing cryptocurrencies in the future. This sentiment is consistent with a study reported by Cointelegraph in January, which found that of 1,000 Canadian respondents, 62% would be interested in receiving cryptocurrency payments by 2027.
Kerrington shares the optimistic outlook for crypto adoption in Canada. She said there has been a "huge increase" in the amount of interest expressed by residents of the province of Alberta, where the CBC operates. She added:
โBanks can no longer ignore it. Politicians can no longer ignore it. Everyone is starting to wonder 'How can we adopt it?'โ
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/cloudfront-us-east-1.images.arcpublishing.com/gray/3MM4UR677BBPVKUHZCNRLQWAQM.png?w=75&resize=75,75&ssl=1 "Brenham officials discuss cryptocurrency and their ability to sustain energy demands that come with it")
