Canadian Lawmakers Advance Bill to Prohibit Cryptocurrency Donations in Politics

A ban on cryptocurrency donations in Canadian politics has moved closer to becoming law, after a bill passed a key vote with cross-party support. The proposed legislation, known as Bill C-25, aims to prohibit political contributions made in cryptocurrency, citing concerns over the difficulty of tracing such transactions. The bill, which also restricts other hard-to-trace funding methods, such as money orders and prepaid payment products, will now proceed to a committee for further review. Under the proposed law, recipients of illegal cryptocurrency donations would be required to return or remit the funds within 30 days. The legislation has garnered support from lawmakers across the political spectrum, with the Conservative party, led by crypto-friendly leader Pierre Poilievre, opting not to challenge the proposed ban. The lack of opposition reflects the limited use of cryptocurrency in Canadian politics, with no major federal party having publicly accepted such donations since they were permitted in 2019. The move is in contrast to the US, where cryptocurrency donations have been allowed since 2014, and differs from the UK, which recently passed a law banning cryptocurrency donations due to concerns over the potential for hiding foreign money in politics.