The ongoing debate over cryptocurrencies is one of the key dividing issues between Canada’s Liberal and Conservative parties, each holding contrasting views on their economic potential. In 2022, Conservative politicians championed crypto as a safeguard against inflation, blaming Liberal economic policies for rising inflation rates and increasing housing costs. Conversely, the Liberals criticized crypto for its volatility and potential risks to Canadians.
Most cryptocurrencies are treated as securities in Canada, creating barriers for businesses operating in the sector. Conservatives argue that such regulations hinder Canada’s technological and economic growth, while the Liberals maintain that they protect consumers from risky investments. The divide deepened when Finance Minister Chrystia Freeland criticized Conservative leader Pierre Poilievre’s crypto advocacy following a significant crash in Bitcoin prices.
Poilievre believes crypto can help Canadians preserve value during inflationary periods and has pushed for changing the legal classification of cryptocurrencies from securities to commodities. He envisions a decentralized economy and has vowed to make Canada a global blockchain leader. In line with these ideas, Calgary Nose Hill MP Michelle Rempel Garner introduced Bill C-249 in 2022, seeking to improve the regulatory environment for crypto businesses in Canada. Despite its initial support, the bill was ultimately defeated.
On the other hand, Liberal leaders, including former Bank of Canada head Mark Carney, have expressed skepticism toward crypto, favoring Central Bank Digital Currencies (CBDCs) over decentralized digital assets like Bitcoin. Carney, who became Prime Minister after the 2024 election, has argued that crypto’s volatility and limited scalability make it unsuitable for mass adoption.
The future of crypto in Canada remains uncertain as the Liberals continue to control policy in this area. Crypto advocates face significant challenges in the coming years, as the government remains focused on maintaining regulatory control over the sector.
Source: Swifteradio.com
