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Pierre Poilievre – a Canadian MP vying for Conservative leadership – has promised to ban CBDCs in Canada if he takes power. He’ll also adopt a bill allowing the auditor general to audit the Bank of Canada’s $400 billion quantitative easing program.
Poilievre’s War on Inflation
In a statement from his campaign website, Poilievre’s rationale is to restore central bank independence the Federal government. The MP claims that the Trudeau government’s deficits have forced the central bank to excessively print money, leading to inflation.
Indeed, inflation is now ravaging Canada as it has in the United States. The annual CPI increase in March was 6.7% – a 30 year high, and an entire percent over February’s number. That’s triple the central bank’s 2% target.
For Poilievre, inflation and money-printing have been central issues for his electoral bid. As he puts it, such inflationary “taxes” have bid up the price of goods, making producing them more costly for businesses.
Inflation has been especially brutal for Canada’s housing market, on which Poilievre places a special focus. Earlier this month, the MP showcased a Vancouver property that cost over $1 million CDN for multi-unit housing. Overall, a report from the Canadian Real Estate Association showed annual home prices up 20.6 percent in February.
“That is JustinFlation,” argues Poilievre. “I will end it, by restoring central bank independence, mandating an independent audit of all the money printing, and stopping the risky Central Bank Digital Currency.”
The CBDC ban intends to keep the Bank of Canada out of the retail banking sector. US congressman Tom Emmer proposed similar legislation in January, striving to prevent CBDCs from being issued directly to individuals.
The Bank of Canada is currently in the “developmental phase” of its own digital currency. However, the Minister of Finance will ultimately make the decision to implement one.
The Minister – Chrystia Freeland – also happens to be Prime Minister Trudeau’s Deputy PM. She was responsible for freezing the funds of Canadian Freedom Convoy donors, including those in Bitcoin.
A Voice for Bitcoin
With money printing as his mortal enemy, Poilievre has also taken a recent liking to Bitcoin. The primary currency is famous for having an absolutely fixed supply. Theoretically, this makes it a counter-inflationary asset, or “digital gold”.
Granted, the Bank of Canada disagrees with this assessment. “We don’t see cryptocurrencies as a way for Canadians to opt-out of inflation or a stable source of value,” said an official on Tuesday.
At the moment, the bank’s analysis is rightful. Bitcoin’s price has strongly correlated with the S&P and tech stock for months, with a near-zero correlation to gold.
The MP has also admitted to regularly watching Robert Breedlove – a Bitcoiner and host of the “What is Money” podcast. The two men even spoke in February.