Canada\u2019s proposed ban on cryptocurrency\u00a0political donations\u00a0has\u00a0moved a step closer to becoming law\u00a0as it moves\u00a0through Parliament with little opposition.<\/p>\n
Bill C-25, the\u00a0\u201cStrong and Free Elections Act,\u201d\u00a0passed second reading in\u00a0Canada\u2019s\u00a0House of Commons and was referred to committee for further review.\u00a0<\/p>\n
The\u00a0vote signals\u00a0that\u00a0lawmakers\u00a0in the Canadian capital of Ottawa\u00a0broadly agree\u00a0with the legislation\u2019s\u00a0principles.<\/p>\n
More From Cryptoprowl:<\/p>\n
The Bill now faces\u00a0more\u00a0detailed scrutiny\u00a0from cross-party lawmakers\u00a0and possible amendments\u00a0before a final vote that would make it the law of the land in Canada.\u00a0<\/p>\n
The legislation would prohibit political contributions made in crypto, along\u00a0with\u00a0money orders and prepaid payment products, grouping them as funding methods that are\u00a0hard\u00a0to trace.<\/p>\n
The ban would apply across\u00a0Canada\u2019s\u00a0federal system\u00a0and include\u00a0registered\u00a0political\u00a0parties, electoral district associations, candidates, leadership and nomination contestants.<\/p>\n
The government of Prime Minister Mark Carney\u00a0has expressed concerns\u00a0about crypto\u2019s association with\u00a0foreign influence in elections.\u00a0<\/p>\n
The\u00a0broad support for the ban on crypto political donations comes\u00a0with digital assets having played a limited role\u00a0in Canadian politics.<\/p>\n
Canada has allowed cryptocurrency\u00a0political\u00a0donations since 2019, when Elections Canada classified them as non-cash, in-kind contributions similar to property.\u00a0<\/p>\n
But, to date,\u00a0no major\u00a0political\u00a0party has publicly accepted crypto, and no contributions have been disclosed in recent elections.<\/p>\n
The\u00a0neighbouring\u00a0U.S. is moving in the opposite direction\u00a0of Canada.\u00a0<\/p>\n
The Federal Election Commission\u00a0in the U.S.\u00a0has\u00a0allowed cryptocurrency\u00a0donations\u00a0in\u00a0American\u00a0electoral\u00a0campaigns since 2014.<\/p>\n
Earlier this year, the United Kingdom\u00a0passed a law\u00a0similar to Canada\u2019s that\u00a0bans\u00a0cryptocurrency\u00a0donations, citing concerns that digital assets could be used to hide the origins of foreign money in British\u00a0election campaigns and\u00a0politics.<\/p>\n
Bitcoin (CRYPTO: $BTC) is currently trading at $76,800 U.S.<\/p>\n","protected":false},"excerpt":{"rendered":"Canada\u2019s proposed ban on cryptocurrency\u00a0political donations\u00a0has\u00a0moved a step closer to becoming law\u00a0as it moves\u00a0through Parliament with little opposition.…\n","protected":false},"author":2,"featured_media":22136,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[17,10997,1066,125,10996],"class_list":["post-22135","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-canada","tag-crypto","tag-elections-canada","tag-house-of-commons","tag-political-donations"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/22135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=22135"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/22135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/22136"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=22135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=22135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=22135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}