Canada Moves to Shut Crypto Out of Election Financing
Canada is banning cryptocurrency donations to political parties and candidates with Bill C-25 to prevent untraceable foreign funding.Summary
The Canadian government is moving to ban cryptocurrency donations to political parties, associations, candidates, and third parties through an amendment to the Canada Elections Act, Bill C-25. This legislation aims to prevent untraceable foreign funding and includes severe penalties, up to $100,000 for corporations, for those who knowingly accept crypto donations. Any received cryptocurrency must be returned to the contributor or liquidated into fiat currency within 30 days, with the funds surrendered to the Receiver General for Canada if a return is impossible. This decision mirrors a similar ban recently enacted in the UK, contrasting with the United States where the crypto industry has heavily invested in influencing elections, deploying over $273 million to date. The move aims to insulate Canada’s electoral system from the growing influence of crypto in politics.
(Source：BeInCrypto)