Canadian Prime Minister Candidate Promises To Make Canada Crypto-Friendly
Source: Pixabay

During a visit to London, Ontario, Pierre Poilievre, who is running to be the next leader of the Conservative party, said he plans to make Canada crypto-friendly. According to Poilievre, he would streamline and simplify rules and taxes to make it easy for Canadians to use crypto instead of fiat currencies.

In a statement released by Poilievre, he said that his government would welcome the new, decentralized economy that would let people take control of their money from the central bankers. He added that it would expand choice and lower the cost of financial products. Besides that, it would create thousands of jobs for engineers, programmers, coders, and others.

How Poilievre Would Treat Crypto

If elected Prime Minister of Canada, Poilievre would not only keep crypto legal in Canada, he would work with the provinces to align the rules and definitions across jurisdictions. This would make it easy for blockchain firms to operate across the nation without a cobweb of contradictory rules.

For those in the crypto industry, the announcement was no doubt welcome. Many in Canada’s blockchain and crypto sector have been hoping for a more cohesive framework across the provinces, which they believe would attract new talent and investors.

The Canadian Crypto Scene

In Canada, the province of Alberta is striving to be the country’s crypto hub. However, the different securities regulators in different provinces make it hard for the crypto sector to thrive and attract new talent. Many in the sector describe the current situation as “cloudy.” They feel that it is time for Canada to come up with coordinated frameworks across the provinces, which will help the sector thrive.

Poilievre Sees Crypto as a Hedge Against Inflation

Poilievre has been critical of Canada’s monetary policy. Recently, he blamed the Canadian central bank for the current inflation after it printed $400 billion in cash out of thin air. As a result, he supports crypto as a hedge against inflation.

Poilievre posted a video call on his Twitter account in which he highlights the plight of the crypto community in Canada. During the video call, a business owner notes that due to the current tax rules in Canada, it is difficult for them to accept crypto as payment for services they offer. However, that did not stop them from investing in crypto as a hedge against inflation. Before the interview, Poilievre bought shawarma using BTC at the business owner’s local restaurant.

Even if he fails to win, many in the crypto community of Canada note that it is still a win. They claim that he has helped to give the sector attention, and it could lead to new legislation, which helps the sector.

If Poilievre wins the election, it is unlikely that he is going to change the current financial sector of Canada. However, he could help to make crypto transactions much easier with the right legislation, as has happened in Hawaii. 

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.

This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.