Vitalik Buterin: Canada’s Use of Banks to Quell Trucker Protest is “Dangerous”, Decentralized Economy Is the Key to Preventing Its Damage
The Canadian Government intends to blacklist pro-Freedom Convey wallet addresses
Canadian Prime Minister Justin Trudeau’s government used its emergency powers to quell protests for the first time since The Emergencies Act was passed in 1988. These include the power of banks and other financial service providers to freeze or suspend accounts associated with truckers without a court order and thus be immune from civil liability.
Trucker supporters then turned to cryptocurrency crowdfunding to bypass the blockade, but the Canadian government then acted to blacklist the addresses related to those efforts. A court injunction has ordered to freeze the funds pending the outcome of a private class-action lawsuit. The effectiveness of the injunction is yet to be seen, since no one can block crypto transactions and the wallet is completely under the password owner’s control.
However, donatee might have to exchange their cryptos into fiat to purchase necessities such as food and fuel, and such exchange process often goes through government-survallienced cryptocurrency exchanges.
Vitalik Buterin said Canada’s Use of Banks to Quell Trucker Protest is “Dangerous”
When asked his opinion on the Canadian government’s attempt to cut off protesting truckers’ financial livelihoods by freezing their bank accounts, Ethereum co-founder Vitalik Buterin told CoinDesk:
“This concept of going after intermediaries and basically using intermediaries as a way to bypass all that is dangerous”
The existence of cryptocurrencies is to prevent situations like this. When the government’s response goes excessively tough, cryptocurrencies then provide alternatives to lower the damage caused by such excesses.
“They (the government) just want to talk to the banks and basically cut out people’s financial livelihoods without due process (…) that is an example of the sort of thing that decentralized technology is there to make more difficult.”
Buterin supplemented,
“It’s not about being lawless, it is in some ways about bringing rule of law back.”
Cryptocurrency provides an alternative for reducing the dependency on centralized economy, which is prone to government surveillance and blockage. The emergence of cryptocurrency exchanges, crypto financial derivatives, and cryptocurrency wealth management platforms are the penetration into the traditional financial field.
Crypto asset management has many different forms such as cryptocurrency mining, currency-to-currency wealth management, futures contracts, etc. Each method has different pros and cons. However, in the face of the current volatile market trend, investors are willing to choose fixed deposit financial management with stable returns and almost zero risk.
Among the many crypto-focused financial management platforms, the savings accounts launched by LuckyHash, one of the best cloud mining platforms, are the most cost-effective. The mainstream currency of LuckyHash has the highest annual output. For example, the APY of USDT savings accounts can be as high as 65%, while that of other platforms is merely around 4%-10%. At the same time, the top APY of Filecoin savings account is as high as 90%. LuckyHash also provides trx staking products. Investors who deposit Filecoin in LuckyHash will get a very high deposit interest. More importantly, such regular financial management is of zero risk. Depositing coins to earn interest is similar to fixed deposits in traditional banking. When the contract expires, the deposit and principal are returned to the user.
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Conclusion
The German philosopher Hegel said “What is real is rational, and what is rational is real.” The vigorous development of cryptocurrency indicates the trend of decentralized economy is unstoppable. Instead of limiting the development of cryptocurrency, formulating related laws and regulations that keep pace with the trend to maintain the healthy and orderly development of this industry is clearly a much better option.
Sources:
https://www.youtube.com/watch?v=Q0S-sAMUxMs
https://www.cbc.ca/news/politics/trudeau-premiers-cabinet-1.6350734
https://www.youtube.com/watch?v=M1iXToPJFcs
Disclaimer: The views expressed in the blog belong to the content creators and not the organization, its affiliates, or employees. This content may include guest opinions.
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