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  • Writer's pictureDavid Manion

Canada’s Conservative Party Goes Pro-Crypto With New Leader

The Conservative Party of Canada has elected pro-crypto politician Pierre Poilievre as its candidate for the next Prime Minister elections.

PM Elect Believes Crypto As Solution For Inflation

On Saturday, Pierre Poilievre was elected as the Conservative Party’s representative for the next PM election after securing 68% of the votes of his fellow party members. One of his main campaign points has been the country’s high inflation, for which he blames the current ruling government. He believes that crypto is the answer to the country’s inflation problem and has promised to untangle the web of crypto regulations by working with provincial governments if he is elected as the Prime Minister. His propensity towards crypto stems from his mistrust of governmental institutions, which is at the core of the decentralization movement that birthed cryptocurrencies.

Conservative Party Elect Criticizes Trudeau’s Policies

Poilievre has been quite vocal about his faith in cryptocurrencies and promised to give Canadians greater control over their money. His selection as the Conservative Party representative for the next PM election indicates a clear divide between him and the Liberal Trudeau over cryptocurrency. Poilievre has greatly criticized PM Trudeau’s decisions pertaining to the Coronavirus pandemic, especially the vaccine mandate. The former had also openly supported the Ottawa truckers protesting against vaccination and questioned the current government on its overreach into individual affairs. The PM had invoked emergency powers to disperse the protestors by freezing transactions from 253 crypto addresses. The move was widely criticized by most, especially by the crypto industry.

Canada’s Crypto Progress

The Canadian crypto industry is turning out to be quite significant. A recent report by the Bank of Canada has revealed that the number of BTC holders in the country has tripled from 2020 to 2021. Furthermore, the central bank has also looked into regulatory efforts around stablecoins, a move mirrored by most governments around the world following the Terra LUNA debacle. Additionally, the Canadian Securities Administrators have also mandated that all crypto companies operating in the country must abide by its anti-money laundering laws, cybersecurity, and KYC policies.

U.K.’S New Pro-Crypto PM

There is a global trend of more and more politicians and representatives adopting pro-crypto policies to appeal to the masses. The most recent and most noteworthy example of this instance is the U.K.’s new Prime Minister, Liz Truss, who has previously held a very crypto-friendly attitude in her tenure as the Secretary of State for International Trade. Although she has not been very verbal about her stance on crypto after she was appointed PM, she had previously talked about liberating free enterprise areas by removing regularities that constrain the potential of cryptocurrencies.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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