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Although Trudeau has revoked the powers granted by the Emergency Act, the case for cryptocurrency continues to grow

According to CBC news, Canadian Prime Minister Justin Trudeau has declared that emergency powers used to freeze $8 million from 210 bank accounts linked to Canadian ‘Freedom Convoy’ activists will be repealed.

In a televised press conference on Feb. 24, Trudeau claimed that

“we’re ready to confirm that the situation is no longer an emergency”

and that his exceptional powers given under the Emergencies Act will be terminated.

“We are convinced that existing regulations and bylaws are now adequate to keep people safe,” he adds.

Since last month, Freedom Convoy protestors have been blocking streets. Also, demonstrating in front of Ontario’s Parliament Hill to eliminate Covid mandates and limitations. The accounts were frozen as a result of the Emergencies Act. The Trudeau government began unfreezing bank accounts on February 23.

“The vast majority of accounts are in the process of being unfrozen,”

Isabelle Jacques, assistant deputy minister of finance, told a committee of MPs.

“Subject to any new information that the RCMP may have,” referring to the Royal Canadian Mounted Police.

After the Canadian authorities barred protesters from using standard crowdfunding platforms such as GoFundMe and GiveSendGo. So, they turned to Tallycoin to fundraise with Bitcoin. Thereby, raising 21 BTC worth around $902,000 by the time the event ended on Feb. 15. The BTC was subsequently transferred to a different wallet with distinct key holders by the event organizers.

Some big crypto industry figures were incensed by the decision to freeze bank accounts and spoke out against it. “Due process is for plebs,”

Kraken CEO Jesse Powell tweetz in response to the bank freezes on February 18.

Senator Rand Paul, a Republican from the United States, expressed concern about government overreach. Then, and raised the alarm about the prospect of a similar situation occurring in the United States.

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