Canadian Lawmakers Advance Proposal to Ban Cryptocurrency Donations in Politics

A proposed ban on cryptocurrency donations in Canadian politics has moved closer to becoming law, after gaining cross-party support in a recent parliamentary vote. The legislation, known as Bill C-25, aims to prohibit the use of cryptocurrencies, money orders, and prepaid payment products for political contributions, citing concerns over their potential to facilitate untraceable funding. The bill has been referred to a committee for further review, where it may undergo amendments before being passed into law. If enacted, the ban would apply to all federal political entities, including registered parties, electoral district associations, and candidates. Recipients of illegal crypto donations would be required to return or remit the funds within 30 days. The proposed legislation has garnered support from Conservative lawmakers, despite their party leader's previous stance as a crypto advocate. The lack of resistance to the ban reflects the limited use of cryptocurrencies in Canadian politics, with no major federal party having publicly accepted crypto donations to date. The move is in contrast to the United States, where crypto donations have been permitted since 2014, and follows a similar ban implemented in the United Kingdom earlier this year.