The protesters moved the BTC funds to a new wallet with anonymous gatekeepers. The first collection managed to collect at least 21 BTC, and in a new campaign, they hope to raise at least five more BTC.
The Prime Minister of Canada, Justin Trudeau, ordered an Emergency Law that includes procedures aimed at cutting off the financing of the protesters of the Freedom Convoy 2022 movement (Freedom Convoy 2022). The decree will even impact the collection through cryptocurrencies such as bitcoin.
The announcement arrived from the deputy Prime Minister, Chrystia Freeland, on February 14. Freeland highlighted that the Emergency Law extends the scope of anti-money laundering and anti-terrorist financing regulations to cover crowdfunding platforms, payment service providers, and exchanges, including those that operate with bitcoin and other digital currencies.
The measure also enables financial entities to prevent holders’ access to their funds, without fearing any repercussions. A bank or any other financial provider will gain the ability to block an account without needing a command from a court. By doing so, they will count on protection and safety against civil liability for actions that might come in good faith.
The measure caused several reactions on social networks, which questioned the measure and explained that it goes against individual freedoms. Even the president of El Salvador, Nayib Bukele, joined the critical voices and posted a tweet that explained that it is an improper action of a country that ranks first in the democracy index.
Protesters Use Bitcoin to Confront Blockades of Funds
The Canadian government comes up with this decision after at least three consecutive weeks of protests by a group of truckers against mandatory vaccination against the COVID-19 virus. Protesters blocked several access points in the capital Ottawa, and keep protesting on the streets since January 28.
The protesters began raising funds to sustain food, fuel, and accommodation through the GoFoundMe service. At least two weeks ago, the platform managed to freeze at least USD 10 million collected. The funds would have returned to the donors who threatened to report to their banks that they did not recognize the operations, which would imply an unmanageable situation for the platform.
To carry on with the suspension, protesters started using other platforms such as Tallycoin, a zero-fee Bitcoin crowdfunding. However, according to the news from the Canadian government, the organizers opted for replacing the administrators.
A tweet from the @HonkHonkHodl account, an account for protesters to spread information, said that Multisig quorum has changed. Greg and Jeff’s sessions are not private keyholders because the security risks were considerably concerning.
During a first fundraising campaign, the protesters acquired more than 21 BTC. Currently, a new campaign is on its way in which they expect to collect at least five more BTC.
It is not the first time that a government moved forward to impede citizens’ access to their funds in the context of a crisis. One of the most prominent cases in Latin America took place in 2001 in Argentina, when the government applied the so-called corralito.
By: Jenson Nuñez
