By Shelly Melancon (Switzerland)
As the Canadian PM election draws near, candidates from the Conservative and Liberal Party are canvassing support from the citizens with their respective propaganda and agendas. However, the big question remains whether the candidates will go all out against crypto use or not. One candidate with a clear stance on supporting crypto use is the Conservative Party candidate Pierre Poilievre.
The candidate for the opposition is in full support of allowing Canadians to use BTC legally in the country. During one of his campaign visits to a local restaurant that was posted on a YouTube Channel, Poilievre said Canadians should be free to own and use other money, adding that if the government abused fiat, the citizens should use “higher quality cash” like virtual currencies.
Poilievre was seen purchasing chicken shawarma from a local restaurant, Tahini, for one Satoshi. This act excited the crypto community and indicated that Poilievre is pro-crypto.
The Push for Crypto Adoption
Poilievre’s speech sparked debate as to whether he was addressing the Liberal-led government. In January, PM Justin Trudeau took an aggressive approach against virtual assets in response to the Covid-19 vaccination protests in Ontario near the Government’s House.
During that period, the PM ordered officials to suspend bank accounts of protesters and block all donations to the truck drivers, not excluding those made in digital currencies. Donations made in virtual currencies totaled about $20 million.
Koleya Karringten, the Director of a Blockchain Consortium in Canada, said the incumbent government’s hostility towards crypto is due to ignorance and lack of understanding of regulation. Karringten thinks that educating the government warrants strong advocacy. She’s optimistic that the government will understand that the industry is for innovation once they see the level of revenue taxation would generate.
Karringten thinks the Convoy protest and the complications from the Emergency Act and others have accelerated the number of Canadian crypto holders. Those complications may have also increased outflows and transaction volumes from February till now.
Adoption Growth is Impressive, But a Long Way to Go
Poilievre’s crypto advocacy may only resonate with the minority in Canada. According to Ipsos, approximately 14% of Canadians above 18 hold one type of cryptocurrency as of October last year.
In 2016, that number was down by 3%, indicating a commendable growth rate. However, the number is still insignificant compared to the population of Canada who is banked.
Ipsos predicts a bright future for Canadians. According to the research company, between 20% – 25% of adults are expected to buy virtual assets in the future. This corresponds to the study carried out by Santiment in January, in which it revealed that 62% out of the thousand respondents would love to be paid in virtual currencies five years from now.
The outlook for crypto adoption in the country is optimistic. Soon, banks, politicians, and everyone in government would ask how to adopt nascent assets.
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