Canada’s decision to freeze bank accounts further validates cryptos’ place in the global market…
On February 14, the Canadian government warned that it will freeze the bank accounts of truckers protesting vaccine mandates. The country said it may also suspend the vehicle insurance of truckers involved in blockades.
Prime Minister Justin Trudeau declared a national emergency due to the situation. His administration said it will authorize the new policy without a court order through the use of Canada’s Emergencies Act.
This is the first time in the country’s history that the Act will be used. And at a press conference, Canadian Deputy Prime Minister Chrystia Freeland added that the country will use the measures to stop the financing of the movement.
While the country’s government assured that the scope of the measures will be limited, the decision has further outraged those involved. In turn, mass groups of people have raced to their banks to empty their accounts in favor of cash – resulting in several outages in the process.
Because of this, and blocked donations on websites such as GoFundMe, those peacefully protesting have turned to Bitcoin and other cryptocurrencies to finance the Freedom Protests.
And this trend may only grow. With Canada’s decision to freeze bank accounts, the development ultimately reaffirms that consumers’ money isn’t entirely their own.
Even though western cultures have largely associated these types of government actions with China, they’re now happening in a prominent G7 country. These factors suggest that the money in your bank is simply an “IOU,” as banks don’t actually have enough cash to meet everyones’ balances in the instance of mass liquidation.
This could easily escalate further as well. The emergence of the pandemic has made it clear that governments will take executive actions in order to achieve desired results. So, even with an assurance from Trudeau’s administration, the use of the Emergencies Act may simply be a drop of what’s to come.
To some, it could sound farfetched, but policies such as these give governments overwhelming power over the public. And freezing some bank accounts today could inevitably turn into social credit systems tomorrow.
If this were to happen, consumers could be granted or denied access to their own money and financial services based on political views, social media posts, or vaccination statuses – something Bitcoin holders and miners have been warning investors about for years.
That’s exactly why many are now putting a large portion of their funds into cryptocurrencies like Bitcoin.
Blockchain technology is not only secure, but also prevents governments from tracking and freezing individuals’ digital assets. And with geopolitical tensions on the rise, they could ultimately ensure that consumers’ money is safely theirs to access.
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