Canadian Lawmakers Advance Bill to Prohibit Cryptocurrency Donations in Politics

Canada is one step closer to banning cryptocurrency donations in politics after a proposed law gained cross-party support and progressed through Parliament with minimal opposition. The bill, known as the Strong and Free Elections Act, aims to prohibit the use of cryptocurrencies, money orders, and prepaid payment products for political contributions due to their potential for anonymity and difficulty in tracing. If passed, the law would apply to all federal political entities, including parties, candidates, and third-party advertisers, and would require recipients to return or remit any illegal cryptocurrency donations within 30 days. The legislation's progress comes after Canada's Chief Electoral Officer recommended a ban on cryptocurrency donations in 2024, citing concerns over their potential for misuse. The move is in contrast to the United States, which has allowed cryptocurrency donations in political campaigns since 2014, and the United Kingdom, which recently passed a law banning such donations.