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Sujha Sundararajan
Author
Sujha Sundararajan
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Canadian Prime Minister Justin Trudeau announced his resignation on Monday. He will step down from the role he’s held since 2015 due to “internal battles” obstructing his governance.
“I intend to resign as party leader and as prime minister after the party selects a new leader,” Trudeau said during a press conference. “I cannot be the one to carry the liberal standard into the next election.”
Given Trudeau’s previous anti-Bitcoin stance, his departure could open doors for Canada’s pro-crypto shift. Trudeau has also faced massive criticism over his poor economic policies and inflation.
In 2023, Trudeau slammed his political opponent and Leader of the Conservative Party of Canada, Pierre Poilievre, for advocating Canadians to opt out of inflation by holding Bitcoin. He said the citizens would have lost half of their life savings if they had bought the largest cryptocurrency.
Additionally, the government under Trudeau sanctioned 34 crypto wallets during the 2022 Freedom Convoy protests. This received major criticism from the crypto community.
He also invoked the Emergencies Act, freezing the truckers’ bank accounts and blocking crypto payments.
Pro-Bitcoin Candidates Line-Up as Trudeau Steps Down
With Canada’s federal elections coming up in October, there is a chance that Pierre Poilievre will take up the tenure. Poilievre has been a staunch Bitcoin advocate, encouraging Canadians to invest in the asset class. In his previous speeches, he has also showcased his deep understanding of what money is.
Similar to Trump’s visit to PubKey in New York City to purchase burgers using Bitcoin Lightning Network, Poilievre has also visited a local Bitcoin business to purchase food with the crypto.
However, Poilievre has argued that a central bank digital currency (CBDC) would give the government excessive control over finances. He backed a bill to ban CBDCs in Canada, citing it as a threat to privacy and economic freedom.
Another possible contender to replace Trudeau is Mark Carney, the former governor of the Bank of Canada. Carney has also served as the governor of the Bank of England, where he brought up his support for crypto and stablecoins.
In 2021, Trudeau’s opponent Carney said that stablecoins should have access to a central bank’s balance sheet, provided they meet various requirements.
Besides, crypto supporters in Canada now have a chance to vote for their pro-crypto leader, similar to the US elections last November. Canada would join the US and EL Salvador in embracing Bitcoin and cryptos, if this happens.
Additionally, certain Canadian provinces and cities have already pushed for crypto adoption to tackle inflation woes. For instance, Vancouver City Council has officially approved a motion to explore becoming a Bitcoin-friendly city.
In a recent Cryptonews Spotlight podcast, Lucas Matheson, CEO of Coinbase Canada, discussed Canada’s role in the global crypto landscape.
“Canada is actually quite far ahead in terms of regulatory clarity,” he noted. “We are trying to build a long-term partnership with Canadians to help them build wealth and diversify into digital assets.”
