Canada’s government announced it is launching consultations on cryptocurrencies, stablecoins, and central bank digital currencies (CDBCs) to address illicit crypto activities, according to a Nov. 3 mini-budget fiscal update by Deputy Prime Minister Chrystia Freeland.
Within The Fall Economic Statement’s “Addressing the Digitization of Money,” the government wrote that it aims to launch a financial sector legislative review on the digitization of money to ensure economic stability and security in the sector.
The statement conveyed the importance of addressing the use of cryptocurrency as means to circumvent international sanctions and fund illegal activities, both domestically and abroad.
As such, the government has launched consultations with stakeholders on the regulations of digital currencies as of Nov. 3.
Crypto regulations, or lack thereof, in Canada
In similar news, crypto sports betting has been rising in popularity as it provides a way for gamblers to place non-parlay sports bets with offshore casinos or those based overseas. Under current legislation, Canadians can only place parlay bets – a wager that links two or more bets and ties them into one.
Canadian online sportsbook sites such as MintDice.com are currently operating as Bitcoin betting sites for bettors to legally place non-parlay bets on sports and earn bonus winnings and stakes, activities accessible via VPN, and registering an account.
On Feb. 14, 2022, Canada’s Prime Minister Justin Trudeau invoked the “Emergencies Act” to freeze crypto exchanges and wallets tied to trucker “Freedom convoys” protest organizers. The protests were sparked over the country’s COVID-19 vaccine mandate and restrictions.
Up to $20 million of protestors’ cash and cryptocurrency were frozen in the light of the protest, marking the first time that Bitcoin and cryptocurrency have been subject to a freezing order in Canada.