Canadian Parliament Advances Proposal to Prohibit Cryptocurrency Donations in Politics

A ban on cryptocurrency donations in Canadian politics has moved closer to becoming law after gaining cross-party support in Parliament. The proposed legislation, known as Bill C-25, or the Strong and Free Elections Act, has passed its second reading in the House of Commons and will now be reviewed by a committee. The bill aims to prohibit political contributions made in cryptocurrency, citing concerns that such donations are difficult to trace. If passed, the ban would apply to all federal political entities, including registered parties, electoral district associations, and candidates. Recipients of illegal cryptocurrency donations would be required to return or remit the funds within 30 days. The proposal has garnered support from Conservative lawmakers, despite their party leader's previous stance as crypto-friendly. However, the issue of cryptocurrency donations has not been a major point of contention, largely due to the limited use of cryptocurrency in Canadian politics. The legislation is a revised version of a previous bill that contained identical language regarding cryptocurrency donations, which died when Parliament was suspended earlier this year.