{"id":220779,"date":"2022-02-21T20:00:24","date_gmt":"2022-02-21T20:00:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=220779"},"modified":"2022-02-21T17:39:38","modified_gmt":"2022-02-21T17:39:38","slug":"is-canada-planning-to-make-the-financial-surveillance-act-permanent","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/is-canada-planning-to-make-the-financial-surveillance-act-permanent\/","title":{"rendered":"Is Canada planning to make the financial surveillance act permanent?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The financial surveillance resulting from the Emergencies Act may become a permanent fixture of Canadian society.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.nationalreview.com\/corner\/trudeau-government-moves-to-make-expanded-surveillance-powers-over-financial-transactions-permanent\/\"><span style=\"font-weight: 400;\">Reports<\/span><\/a><span style=\"font-weight: 400;\"> emanating from the country state that the government is considering making these laws permanent. If this happens, centralized crypto platforms operating in the country will become severely affected.<\/span><\/p>\n<h2><strong>Canada wants to make surveillance permanent<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Per a previous <\/span><a href=\"https:\/\/cryptoslate.com\/canadian-police-to-block-cryptocurrency-transactions-amid-truckers-protest\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, Canadian prime minister Justin Trudeau recently invoked the Emergencies Act to end the series of anti-vax demonstrations in the country. This law makes it possible for financial institutions to freeze individuals' accounts without a court order.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Originally meant to curb terrorism financing and similar criminal activities, the government extended it to cover protesters involved in the protest. It also expanded the law to include cryptocurrency as part of the assets that can be frozen.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was done to cut <\/span><a href=\"https:\/\/cryptoslate.com\/canadian-protestors-respond-to-emergency-crypto-measures-with-the-freedom-convoy-token\"><span style=\"font-weight: 400;\">crypto donations<\/span><\/a><span style=\"font-weight: 400;\"> to the protesters. More than 30 crypto wallets have already been frozen courtesy of the Act.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it seems the government is considering making the financial surveillance permanent. According to the deputy prime minister, Chrystia Freeland, who's also the finance minister, the government is reviewing making the financial surveillance rules permanent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this happens, it'll mean the government has the enduring power to freeze an individual's account without obtaining a court order.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Already, several stakeholders and citizens, both in Canada and outside, have criticized the decision to invoke the Emergencies Act.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The premier of Quebec <\/span><a href=\"https:\/\/www.bbc.com\/news\/world-us-canada-60383385\"><span style=\"font-weight: 400;\">warned<\/span><\/a><span style=\"font-weight: 400;\"> that such a decision could escalate the issue. That appears to now be the case in what critics consider an undemocratic action by the Canadian government.<\/span><\/p>\n<h2><strong>Canadians stick to crypto option<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">While the government actions mean even centralized crypto exchanges could be forced to freeze users' wallets, it hasn't prevented many Canadians from adopting <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Available information shows that more Canadians consider crypto as a viable option to avoid government surveillance over their finances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not only that, but there is also growing evidence that several Canadians are <\/span><a href=\"https:\/\/twitter.com\/jamesmelville\/status\/1494092820260532227?s=21\"><span style=\"font-weight: 400;\">withdrawing their money from banks<\/span><\/a><span style=\"font-weight: 400;\">. This shows that residents' trust in traditional financial institutions is decreasing due to government actions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This has led some to <\/span><a href=\"https:\/\/twitter.com\/100trillionusd\/status\/1494242595094110208?s=21\"><span style=\"font-weight: 400;\">compare<\/span><\/a><span style=\"font-weight: 400;\"> this moment to the Cyprus financial crisis of 2013, which spurred Bitcoin growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the protest appears to have finally ended, the ripple effects might last for much longer. If the government should go ahead with its plans to make the financial surveillance laws permanent, Canadian crypto holders might have to stick to decentralized exchanges to retain control of their assets.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financial surveillance resulting from the Emergencies Act may become a permanent fixture of Canadian society.\u00a0 Reports emanating from the country state that the government is considering making these laws permanent. If this happens, centralized crypto platforms operating in the country will become severely affected. Canada wants to make surveillance permanent Per a previous report, [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":220843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Canada planning to make the financial surveillance act permanent?<\/title>\n<meta name=\"description\" content=\"Authorities in Canada are considering making the current financial surveillance regulations a permanent fixture of the country\u2019s system.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/is-canada-planning-to-make-the-financial-surveillance-act-permanent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Canada planning to make the financial surveillance act permanent?\" \/>\n<meta property=\"og:description\" content=\"Authorities in Canada are considering making the current financial surveillance regulations a permanent fixture of the country\u2019s system.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/is-canada-planning-to-make-the-financial-surveillance-act-permanent\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-21T20:00:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-21T17:39:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/canada-financial-surveillance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/is-canada-planning-to-make-the-financial-surveillance-act-permanent\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/is-canada-planning-to-make-the-financial-surveillance-act-permanent\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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