Canada failed to order Nunchuk and to suspend Bitcoin wallets
All banks and currency exchange companies in Canada have been asked to freeze their customers' assets. Although the order mentions cryptocurrencies, Nunchuk, a self-care wallet states that this is not possible.
The Canadian High Court in Ontario, the country's capital, has ordered cryptocurrency operators to withhold the funds of Freedom Convoy participants. This was revealed by Nunchuk, a self-regulating bitcoin wallet company that received the injunction on February 18 and stated that it would be unable to cooperate owing to the nature of Bitcoin. To prevent funding, such businesses must send them all of the information they have on their customers as soon as possible.
Nunchuk tweeted an excerpt from the report stating, "It commands the intermediaries to immediately disclose and provide any and all records, including the presence, character, value and location of any money or property."
The order was issued as a preventive step against Mareva, per the Canadian court. A property freeze order is known throughout this legal time, which stops a person from exchanging their assets while being prosecuted. The Canadian government made the move to stop financing the freedom convoy movement using Bitcoin.
The Freedom Convoy is a three-week-old demonstration in Canada that demands the elimination of trucker vaccination restrictions against Covid-19. Since then, the protest has continued to spread across borders and into different countries throughout the world. France, Finland, Australia, the United States, and Spain are among them.
Since the Canadian authorities halted the effort by labeling donations as supporting unlawful activity, the movement has raised over $10 million. That is why the Bitcoin Independent Convoy opted to fundraise using a form of money that the government cannot confiscate if it is traded without brokers.
Nunchuck made a response to the Court of Canada saying, "We don't have the ability to freeze wallets in Personal custody or disclose their information because we do not have access to them."
Unlike cryptocurrency platforms, personal custody acts as an intermediary and holds its customers' data.
Unlike Nunchuk, Jesse Powell, the CEO of the Centralized Exchange Kraken, stated that if the Canadian government seeks information from its users, it has to pay 100%. They can also restrict and withhold the funds they prefer.
Jesse Powell stated, "If you are worried, do not keep your funds with any centralized/regulated guardian. We cannot protect them. Buy and sell your cryptocurrencies only on P2P trading."
Peer-to-peer (P2P) is a service that enables people to trade cryptos and national currencies without the use of a broker. They can bypass traveling to the bank or exchange to move cash, which is then delivered to the independent convoy to use for their own needs.
Personal custodial wallets for cryptocurrency are a way of bypassing government oversight and freezing. The move has raised concerns among Canadians since it jeopardizes people's economic security.
The government's action to freeze dollars and Bitcoin isn't the only measure taken to disarm the movement. It authorized the crackdown of demonstrators on the streets and subsequent arrests.
First published on Feb 19, 2022