After nearly a decade in power, Justin Trudeau, the country’s Liberal prime minister, is facing a sharp decline in his popularity. A possible resignation could open the door to significant changes in economic policy, and in particular, in the area of cryptocurrencies. With a political context marked by controversy and economic discontent, Canada’s future could include a radical change, possibly under the leadership of a pro-crypto leader like Pierre Poilievre, the leader of the Conservative Party.
During his nine years in office, Justin Trudeau has implemented policies that have been criticized by the crypto community. While blockchain technology and cryptocurrencies are gaining popularity globally, Trudeau has heavily promoted the idea of a Canadian central bank digital currency (CBDC), which has drawn criticism for the potential oversight and centralization it entails.
A notable episode in his relationship with the crypto sector was the use of emergency executive powers during the 2022 “Freedom Convoy” protests. Trudeau ordered the freezing of protesters’ bank accounts and crypto transfers, a move that many considered an abuse of power. His actions sparked strong backlash both domestically and internationally, and in 2024, the Federal Court of Canada declared the use of these powers to block crypto transfers unconstitutional.
- With his popularity waning, Trudeau’s Liberal Party could be losing ground to the Conservative Party, led by Pierre Poilievre. Unlike Trudeau, Poilievre has positioned himself as a strong supporter of cryptocurrencies and financial decentralization.
Poilievre is an avowed Bitcoin holder and has consistently advocated for a ban on CBDCs in Canada. In his view, these digital currencies could allow the government to print money more easily, which would increase inflation and worsen the economic problems of Canadians. Instead, Poilievre advocates for the adoption of cryptocurrencies as a means of protecting the economy and fostering financial innovation.
If Trudeau leaves office, there is a real chance that a leader like Poilievre could transform Canada into a pro-crypto hub. A Global Shift in Crypto Policy?...😊Hmmm!! Overall, Canada’s political movements would not be isolated. In a global context where countries like El Salvador are adopting Bitcoin as their official currency, and the US and the European Union are debating crypto regulations, changes in Canada could have a significant impact on the international market. A pro-crypto Canadian government could attract investors and developers from around the world, solidifying the country’s position as a major player in this industry.
Ultimately, it all depends on the will of voters and the ability of political leaders to recognize the potential of this technology. It remains to be seen whether the changes that are coming will transform Canada into a global leader in crypto or whether it will lag behind other countries that have already embraced the blockchain revolution.