Canadian PM Candidate Supports Use Of Bitcoin As Legal Tender

Canadians should be able to use Bitcoin and other digital assets as acceptable currency, according to the Conservative candidate for the prime ministerial seat of the country.

Bitcoin is gaining huge support in Canada as Pierre Poilievre, the Conservative Party’s candidate for Prime Minister in Canada has come out in favor of allowing Canadians to use the crypto asset as legal tender.

On March 29, the YouTube channel BITCOIN released a video of Poilievre speaking in front of a gathering of around 100 people at a nearby restaurant, declaring that Canadians need “greater financial independence.” “This includes the right to own and use cryptocurrency, tokens, smart contracts, and decentralized finance,” he continued.

“People should have the freedom to choose other money. If the government is going to abuse our cash, we should have the freedom to use other, higher quality cash.”

In reaction to the Freedom Convoy rallies in Ontario earlier this year, the Canadian government, led by Liberal Party Prime Minister Justin Trudeau, adopted a harsh stand against cryptocurrency. Canadian government froze protestors’ bank accounts in January and February, attempting to prohibit all donations to the truckers, including those made in cryptocurrency.

Koleya Karringten, Executive Director of the Canadian Blockchain Consortium (CBC), claimed today that the Liberal administration is now “hostile to crypto,” owing to a “lack of information, comprehension, and legislative clarity.”

“It’s important to have a strong advocacy position to educate the government on the blockchain. Once they see the level of tax revenue, they will know this isn’t an industry for criminals, it’s an industry for innovation.”

Following the issues posed by Prime Minister Trudeau using the Emergencies Act in February, Karringten believes there are now more crypto holders. According to Catalyst, a non-profit group, the issues may have resembled a bank run.

Despite his zeal, Poilievre’s advocacy for Bitcoin may only appeal to a limited segment of the Canadian population. Only about 14% of Canadian people over the age of 18 owned bitcoin as of last October, according to research firm Ipsos. That amount, however, is up from just 3% in 2016, indicating a fantastic rate of growth.

Kerrington also expresses optimism about Canada’s acceptance of cryptocurrency. Residents in the province of Alberta, where the CBC is based, have expressed a “great rise” in interest, according to her. She continued, “

“Banks can’t ignore it anymore. Politicians can’t ignore it anymore. They are all starting to ask ‘How can we adopt it?’”