Canadians were shocked when records of cash withdrawals from banks hit incredible levels.
The sentiment was personally reported by an economic journalist from the United Kingdom (UK) through his official account on 17 February.
What the hell is happening to Canada’s banks right now? pic.twitter.com/NRjPWlG0GE
- James Melville (@JamesMelville) February 16, 2022
What happen?
Canada has implemented an obligation to obtain COVID-19 vaccine injections for locals wishing to cross national borders.
The mandate was challenged by riot organizers, the Freedom Convoy who were joined by thousands of residents who flooded Ottawa’s street spaces.
Canadian Prime Minister Justin Trudeau announced that the government would freeze the bank accounts of residents who participated in the riots.
So far, the government has successfully urged Gofundme to overthrow the fundraisers who supported the riots.
The country’s government has also frozen 34 crypto wallet addresses linked to the Freedom Convoy.
Even so, based on observations on social media sites, most Canadians have converted fiat money to Bitcoin (BTC) because they believe in security guarantees on their assets.
Fortunately this cryptocurrency is decentralized in nature.
It is impossible for an entity to freeze BTC and Ethereum (ETH) unless the government acts rudely to obtain the personal information and private keys of investors.
For the record, Canada has not yet confirmed the position of crypto assets as a legitimate currency.
At any time Trudeau can act to block any crypto trade as China has done.
Because of that Kraken CEO Jesse Powell advised not to be so comfortable when already moving fiat into crypto because a handful of stablecoin: USDT, USDC, and crypto exchange platforms are centralized.cana
