The use of Bitcoin by Canadian truckers during the 2022 protests is a notable example of how cryptocurrency can circumvent traditional financial systems.

Protest and bank account freeze:

In January 2022, Canadian truckers began protesting against vaccine mandates for cross-border travel. The Canadian government invoked the Emergencies Act, which allowed them to freeze bank accounts associated with the protest.

Truckers Turn to Bitcoin:

After traditional fundraising platforms like GoFundMe shut down trucker campaigns, supporters turned to Bitcoin.

Bitcoin’s decentralized nature made it difficult for authorities to freeze or restrict transactions.

Funding the protest:

Several Bitcoin fundraising campaigns were launched, raising millions of dollars for the truckers. This allowed them to continue their protest despite the financial restrictions.

The use of Bitcoin in this case raised several issues and sparked debate…

Financial censorship:

Supporters of the truckers argued that the government’s actions amounted to financial censorship, as it restricted their ability to raise funds for a peaceful protest.

Legality of the protest: The legality of the protests themselves was also a point of contention, with some arguing that they constituted illegal blockades.

Regulation of cryptocurrency: The episode highlighted the need for clearer regulations around cryptocurrency, consumer rights, banking intervention and government overreach.

What’s your take!?