Canadian Prime Minister candidate supports Bitcoin as currency

Pierre Poilievre, Canada's Conservative Party Prime Ministerial candidate, has come out in favor of allowing Bitcoin to legally be used as money.

Canadian Prime Minister candidate supports Bitcoin as currency

Pierre Poilievre, Canada's Conservative Party Prime Ministerial candidate, has come out in favor of allowing Bitcoin to legally be used as money.

Poilievre told a crowd of about 100 people at a local restaurant on March 29 that Canadians "need more financial freedom." The freedoms he mentioned include ownership of crypto, tokens, smart contracts, and decentralized finance:

"We should give people the choice of other currencies. If the government is abusing our currency, we should have the freedom to use other, higher quality currency."

In response to the Freedom Convoy protests that took place in Ontario earlier this year, the Liberal Party government in Canada had taken a hardline position against crypto. Canadian officials froze the bank accounts of protestors, including crypto donations, in January and February.

Koleya Karringten, Executive Director of the Canadian Blockchain Consortium (CBC), revealed to media sources that Crypto has been treated in a hostile manner by the Liberal government due to a lack of education, understanding, and clarity in regulation.

"Educating the government about blockchain is an important advocacy position. When they look at the level of tax revenue, they will realize this industry is not just for criminals, but also for innovation," Karringten says.

Although Poilievre is passionate about cryptocurrency, his support may still only resonate with a small group of Canadians.

Research firm Ipsos found that around 14% of Canadians over 18 owned cryptocurrencies by last October. Nevertheless, that number is up from 3% in 2016, signaling a rapid increase.

Approximately 25% of Canadian adults say that they are considering buying cryptocurrency in the future, according to a recent Ipsos survey.