Ted Cruz (R-TX) – a crypto-supportive Republican senator – believes a US Central Bank Digital Currency (CBDC) is likely to become a reality. The politician believes both the Federal Reserve and the White House currently want one, and that the Democratic party won’t vote against its issuance. In an interview published by What Bitcoin Did on Friday, Cruz discussed the current political climate surrounding crypto. In general, the senator believes Democrats are more opposed to the industry than Republicans, due…
After reaching its donation goal of 21 BTC, Bitcoin for Truckers has announced plans on how and where it will allocate funds to support Canada’s “Freedom Convoy”.
The fund has transformed into a far more critical lifeline for the movement than its initial plans. This could be a result of the increasingly draconian laws related to fundraising for the protest that it faces.
How Will Truckers Redeem The Bitcoin?
Nobody Caribou – a liaison between Bitcoiners and truckers in Ottawa – released an update video detailing the protestor’s Bitcoin redemption plan on Sunday. He went over how Bitcoin was being secured, where and how it would distribute it, and challenges throughout the process.
Firstly, funds will be safe in a multi-sig wallet that the directors of a non-profit called “Freedom 2022 Human Rights and Freedoms” will control. From there, funds will be transferred to a hardware wallet controlled by the non-profit treasurer as needed. Finally, that Bitcoin will go to an “off-ramp” from which funds will go straight to truckers.
Originally, the wallet behind HonkHonk HODL’s Tallycoin fundraiser was controlled by multiple well-known Canadian Bitcoiners. One of the keyholders – BTCSessions – has since confirmed that funds are now out of their hands, in another multi-sig wallet.
A Bitcoin-only Canadian Exchange
Nobody Caribou also mentioned the use of a “popular, Bitcoin-only Canadian exchange” to help get funds into trucker’s hands. Bull Bitcoin is the likely offramp, considering how its CEO – Francis Pouliot – is a vocal convoy supporter and controller of the original multi-sig wallet.
Following the conversion to fiat, the receivers could use them for various causes. These include paying truckers’ credit card bills and sending them e-transfers, direct bank deposits, and possibly gift cards. Other potential uses could include paying legal fees, diesel, and hotel room bookings.
If all goes to plan, funds should begin distribution by Tuesday depending on the trucker’s individual needs. Small batches of sats even reach truckers directly if they are willing to set up a Bitcoin wallet.
“With the fiat donations being held up illegally – basically by corruption… Bitcoin has become the only method of distributing funds,” said Nobody Caribou, “and it can’t be stopped.”
Last week, the protestors had raised $450,000 in Bitcoin following a forced refund of their GoFundMe donations by the Ottawa government. Their crypto donations have doubled since then to $900,000. However, the Ontario provincial government has now frozen all funds moving through GiveSendGo. In total, that’s about $20 million in blocked donations.
A New Obstacle?
While the donors are doing what they can to evade censorship, the federal government hasn’t finished its fight to stop funding. Earlier today, Chrystia Freeland – Canada’s deputy PM – announced that they would “broaden the scope of Canada’s AML laws” to include crowdfunding platforms. She made a specific point of cryptocurrencies being in this expansion, making Tallycoin vulnerable.
As the fundraiser is now non-compliant, BTCSessions has since removed the Bitcoin for Truckers Tallycoin page. The 21 Bitcoin collected thus far remains secure. However, he and other controllers of the wallet are showing signs of worry. He has announced his departure from Twitter for the time being, while co-signer Greg Foss has abruptly deleted his Twitter account.
Pouliot is less concerned, however, as his exchange is already regulated by such KYC rules.