Feds launch review of bitcoin’s risk to ‘monetary sovereignty’
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The dangers of bitcoin “to financial sovereignty” in Canada goes to be studied by Ottawa.
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And it’s going to take two years, in response to Blacklock’s Reporter.
The Division of Finance launched the evaluation on Monday following the Emergencies Act freezing of $7.8 million in 170 bitcoin wallets and 267 financial institution accounts held by ‘Freedom Convoy’ sympathizers on Feb. 14.
“The digitalization of cash, belongings and monetary companies which is reworking monetary methods and difficult democratic establishments world wide creates a lot of challenges that should be addressed,” division workers wrote in a discover to potential contractors.
“Within the final a number of months there have been a lot of excessive profile examples, each world wide and right here in Canada, the place digital belongings and cryptocurriencies have been used to keep away from international sanctions, evade authorities oversight and fund unlawful actions.”
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The Finance Division didn’t reference the ‘Freedom Convoy’ by identify.
“Digital belongings are of specific concern,” stated the discover known as Monetary Sector Legislative Evaluate On The Digitalization Of Cash.
“Elevating broader dangers equivalent to dangers to financial sovereignty and the flexibility to conduct financial coverage; competitors dangers if financial energy turns into concentrated in issuers; environmental dangers as a consequence of energy consumption; and illicit finance dangers together with sanctions circumvention, cash laundering, cybercrime and tax evasion.”
The confidential report is due by 2024 and no funds for the evaluation was detailed.
