Bitcoin Donated To Canadian Truckers On The Move Despite Government's Efforts To 'Freeze' The Coins

Bitcoin Donated To Canadian Truckers On The Move Despite Government's Efforts To 'Freeze' The Coins

Bitcoin BTC/USD donated to the Canadian truckers protesting COVID-19 restrictions is on the move despite the government’s recent efforts towards 'freezing' the cryptocurrency funds.

What Happened: Just 0.11 bitcoin of the more than 20 bitcoins raised for the truckers by the crowdfunding platform Tallycoin remains on the address, CoinDesk reported first, citing data from Blockchain.com.

About four small portions of the 20 bitcoins raised – about 0.14 BTC each – ended up at two centralized exchanges, Coinbase Global Inc. COIN and Crypto.com.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Canadian Prime Minister Justin Trudeau invoked the Emergencies Act earlier this month amid protests by the truckers in the capital Ottawa and on the U.S.-Canada border.

The rules gave the government the authority to freeze or suspend back accounts linked to the protestors and also seize cryptocurrencies.

The move of cryptocurrencies despite efforts to freeze the funds casts doubts on the government’s ability to stop transactions on decentralized blockchains.

Bitcoin has a decentralized and censorship-resistant monetary network. Many supporters of the apex cryptocurrency cite decentralization as an important advantage of its adoption.

Cryptocurrencies now appear to have one more use case added to them — of a safe haven when governments clamp down on the freedom of expression — Loup Funds Managing Partner Doug Clinton was quoted as saying on Monday in a blog post.

Price Action: Bitcoin is up 4.7% during the past 24 hours, trading at $38,798.35 at press time.

Read Next: Bitcoin, Ethereum, Dogecoin Recover Thanks To 'Dip Buying' And Seller Exhaustion — Analyst Says Watch Out For These Two Key Levels

Photo: Courtesy of  ΙΣΧΣΝΙΚΑ-888 via Wikimedia

Posted In: BitcoinCanadaCanada ProtestsJustin TrudeauCryptocurrencyNewsPoliticsMarketsGeneral

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