The new leader of the Conservative Party in Canada is crypto-friendly

Pierre Poilievre, who declared in March that if elected as Canada’s next prime minister, he would make the country “the Blockchain capital of the world,” won the leadership election of the Conservative Party in Canada on September 10.

According to a CBC report, Poilievre, a fierce opponent of the Bank of Canada’s plans to combat the COVID-19 pandemic’s economic impacts by producing “$400 billion in cash out of thin air” with its quantitative easing policies, stated on March 28 that then-ruling government was “ruining” the Canadian dollar and that the citizens should have the freedom to use other forms of money, including cryptocurrencies. He added at the time:

“Canada needs less financial control for politicians and bankers and more financial freedom for the people. That includes freedom to own and use crypto, tokens, smart contracts and decentralized finance.”

Poilievre said in March that if elected as the country’s prime minister, he will “keep crypto legal and reject a China-style crackdown.” This might have driven a major number of votes in his pocket coming from the crypto-friendly citizens.

Moreover, he promised to voluntarily work with provinces “to align rules and definitions across jurisdictions to make it easy for blockchain companies to operate across Canadian jurisdictions at the same time without a cobweb of contradictory rules.”

Would Canada become a better place for crypto investors?

The crypto-friendly attitude of the newly-elected leader in Canada could turn the country’s financial conditions. Notably, the Bank of Canada is in strong favor of clear crypto regulations in the region. Moreover, the bank has also joined hands with MIT for its Central Bank Digital Currency (CBDC) development plans, as TheCoinRise reported.

On the other hand, the newly-elected PM announced in April this year that he would stop “JustinFlation” by restoring Central Bank independence who was claimed to be controlled by the government, mandating an independent audit of printing of money, and halting the country’s CBDC plans.