Canada will organize an election next week, where voters will examine a range of questions – the economy, housing, trade relations with the United States – because they choose their elected officials, which in turn will choose the next Prime Minister of the country.
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The story
Crypto is not a major electoral problem in this year’s Canadian elections. None of the Prime Minister’s two main candidates campaigned on digital assets, but here is how they discussed the question in the past.
Why it matters
Canada has sadly famous for massive crypto exchange collapses in recent years, which has led to concerted efforts from its provincial regulators to promulgate railing on the digital asset industry. While exchanges like Coinbase call for policies such as a Canadian government working group or a bitcoin reserve, so far, the main candidates for the Prime Minister seem to have other problems in their minds (namely: US relations and trade, housing and economics).
Decompose it
When Canadians go to the polls next Monday, they will choose their member of the Parliament. The party with a majority of seats will form the new government of the country, and the leader of this party will become the new Prime Minister.
While the Conservative Party and its leader Pierre Hairy have held comfortable tracks in the medium of survey until the end of January 2025, the Liberal Party saw a massive increase in popularity after US President Donald Trump announced prices with Canada (and most other countries). The Liberal Party, now with leader Mark Carney, has held an important advantage since, according to the survey data and the polymarket. Carney succeeded former Prime Minister Justin Trudeau as leader of the Liberal Party last month.
Stone
Hairyvre is a long -standing lawyer for Bitcoin and Blockchain who has managed the Conservative Party since September 2022. He has actions in a Bitcoin (ETF) negotiated fund. In 2022, he promised to transform Canada into “the blockchain and the capital of the world of cryptography” during a campaign speech (a sentence that Trump later used on the 2024 campaign campaign).
“I want to take control of the money from politicians and bankers, and return it to the people,” he said. “We must give people the freedom to choose another money. If the government will abuse our money, we should have the right to choose to use other better quality species.”
He even bought Shawarma using Bitcoin during his campaign for the leader of the Conservative Party, discussing digital assets in a 30 -minute interview with the restaurant owner.
He supported the protest of Canada’s trucker, who nicknamed the “convoy for freedom” in early 2022 to oppose a vaccine mandate for all truckers crossing the American Canadian border. At the time, the Canadian government sought to freeze financial support to demonstrators, in particular by sanctioning the cryptographic portfolios linked to truckers.
Although Hairyvre does not seem to have specifically linked bitcoin or other cryptocurrencies to truckers who may have lost bank access, he called Bitcoin “the most important asset you may have”.
Hairyvre also opposed the research of the Banque du Canada on a digital currency of the Central Bank, arguing that it could affect privacy rights or allow legislators to target the advantages for supporters. Last year, he supported a bill which would have prohibited a Canadian CBDC (echo to the American Republicans who did the same here).
Canadian Maclean magazine has reported that, even if Hairy has said less about the crypto in recent days, the conservative party as a whole has always tended to support the industry, citing various deputies who have presented bills or otherwise discussed crypto.
Hairy was seemed to discuss crypto publicly less after the dramatic collapse of FTX in 2022, that his political opponents used to issue warnings on his previous plea for digital assets. Hairyvre can also count with the unpopularity of Trump in Canada, and trying to distant policies that could imitate that of the American president.
Mark Carney
Carney was the head of the Bank of Canada and later the Bank of England. Although he did not speak much of Bitcoin, he delivered a speech on “the future of money” in London in March 2018, where he criticized the use of digital assets, citing a speculative mania and a lack of suppliers to accept it as a payment tool.
“The long and charitable answer is that cryptocurrencies act as money, at best, only for some people and to a limited extent, and even while in parallel with the traditional foreign currencies of users,” he said. “The short answer is that they fail.”
Carney underlined the flow of transactions, the ease of access and other problems as obesle to the adoption of digital assets, but said that his concerns concerning digital assets at the time were “not intended to reject them”.
“Their basic technology already has an impact. Bringing cryptocurrency to the regulatory tent could potentially catalyze innovations to better serve the public,” he said. “Crypto-actives are an attempt to create the financial architecture of peer transactions. Even if the current generation is not the answer, it throws the glove to existing payment systems. These must now evolve to respond to the requests for transactions distributed in real time fully reliable.”
Carney praised the books distributed in particular, and suggested that the existing digital asset infrastructure could possibly lead to the creation of a digital currency from the Central Bank, although it has declared “that there are also wider societal questions” on issues such as confidentiality if a central bank pursued a CBDC.
A little more than a year later at the Jackson Hole, Wyoming, Carney’s symposium symposium suggested that a global hegemonic digital currency supported by the Central Bank digital currencies could strengthen the global economy compared to the role of the dollar.
“The influence of the dollar on global financial conditions could also decrease if financial architecture develop around the new [Synthetic Hegemonic Currency] And this moved the domination of the dollar in the credit markets, “he said in August 2019.” By reducing the influence of the United States on the global financial cycle, this would help reduce the volatility of capital flows to the EME. “”
Friday
- 5:00 p.m. UTC (1:00 p.m. HE) The American Commission for Securities and Exchange will hold the last of its cryptographic round tables, this time focusing on childcare issues.
- (New York Times) Defense secretary, Pete Hegseth, had another group cat where he shared details on an imminent military strike in Yemen. Unlike the reporting cat who included the editor-in-chief of the Atlantic, Hegseth himself installed this group and understood his wife, his brother and his personal lawyer, reported the Times. NBC later reported that information on the strike came from a message sent by an army general by “a secure American government system”.
- (Reuters) The Federal Deposit Insurance Corporation plans to dismiss a fifth of its employees, or 1,250 people, he told its staff according to Reuters.
- (AP News) The Consumer Financial Protection Bureau has announced that it would dismiss 1,500 employees, but this decision was interrupted by US District Judge Amy Berman Jackson.
- (New York Times) Senator Chris Van Hollen, a democrat representing Maryland, met Kilmar Abrego Garcia in Salvador. Abrego Garcia was wrongly sent to Salvador to be imprisoned without trial or audience, and the administration of the president of Salvador Nayib Bukele tried to stage the photos of his meeting with Van Hollen by placing glasses “with cherries and savory rims” for the photos, the times reported.
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