Oleg Galeev

14 mins ago

Which Political Party is Most Crypto Friendly in Canada?

Leaders of different Canadian parties opinion about cryptocurrency

Crypto is a hot topic right now. Due to crypto’s popularity, plus rising inflation, and the plans for CBDCs, it’s no wonder that politicians are talking about crypto more than ever.

Some political parties and individuals are more vocal about crypto than others, but it’s a topic that cannot be ignored, particularly when 14% of Canadians over 18 have used cryptocurrency – up from just 3% in 2016 according to research firm Ipsos. 

It is an uncertain time for the crypto space because there is much talk of regulation, yet no concrete plans. The crypto market is crashing along with the wider economy, so a firm view on crypto from the government is needed. Uncertainty on the future of a volatile asset can cause many people to sell amid fears that crypto will be outlawed altogether or regulated into oblivion. 

So which Canadian political party is most crypto-friendly? Which party is the most likely to make cryptocurrencies legal tender?

Conservative Party of Canada

MP Pierre Poilievre, candidate for the Conservative leadership is vocal about his support of cryptocurrencies and decentralized finance. He has vowed to ban the Central Bank from issuing its own digital currency, saying that would increase government surveillance on people’s spending and lead to even more inflation. Poilievre wants to give people the choice to use crypto or not. 

While Poilievre may just be trying to gain votes from the younger crowd, his views at least get the Conservative Party talking and debating about crypto. You can read all his statements in our article.

Liberal Party of Canada

The Liberal party keeps quiet about crypto. There is no official stance and not much opinion from them on the matter.

Join our Canadian crypto community on reddit.

New Democratic Party (NDP)

NDP, much like the Liberals, are quiet about cryptocurrency. However, the party had plans to increase capital gains to 75%, up from 50%, which would be harmful to cryptocurrency holders. Crypto spending, gifting, and trading are all considered taxable events and liable for capital gains tax. Unless crypto becomes legal tender, a higher capital gains tax rate would hurt crypto users tremendously and discourage people from using it. 

People’s Party of Canada

Maxime Bernier, leader of the People’s Party of Canada, supports crypto adoption in Canada. Bernier has criticized Trudeau for his economic policies and the Central Bank for “printing money.” 

On Twitter, Bernier said, “I hate how central banks are destroying our money and economy. I’m more of an old-fashioned gold & silver fan, but cryptos are another new and innovative way to counter this that should be encouraged.”

Green Party of Canada

There is no official word from the Green Party on its stance on crypto. We can guess that it would be against proof of work coins due to their energy-intensive nature. However, they may be in favour of bitcoin and other PoW cryptos that can be mined using renewable energy sources. 

Conclusion

There is no official stance from any political party on crypto. Due to crypto’s popularity, discourse, plans, and an official stance is increasingly needed. No one wants to continue to invest in cryptocurrencies when the government can choose to regulate them heavily or ban them outright at any moment. Canadians want clarity on the issue. 

It may be that most politicians simply don’t understand blockchain and crypto well enough, and those that talk about it, are merely trying to win political points. 

So far, it seems that Pierre Poilievre of the Conservative Party is the most supportive and most vocal about cryptocurrencies with the People’s Party leader Maxime Bernier a close second. 

Conservatives are at least talking about crypto, unlike the Liberals and the NDP, who seem to be ignoring it altogether.  

No party is particularly supportive of cryptocurrency. The overall view is that politicians don’t understand crypto and until they do, no positive policies will be implemented. 

Join our Canadian crypto community on reddit.

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Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun.