Canada bans cryptocurrency donations for electoral campaigns following the United Kingdom

The C-25 Bill follows years of warnings from the Chief Electoral Officer of Canada about the risk that cryptocurrency donations could pose to electoral integrity.

What you need to know:

Canada's C-25 bill would ban cryptocurrency donations, money orders, and prepaid cards across the federal political system, closing a fundraising channel that has seen virtually no use since cryptocurrency was first allowed in 2019. The Chief Electoral Officer, who initially favored stricter regulation, in 2024 shifted to recommending a total ban, citing the pseudo-anonymity of cryptocurrencies and the fundamental difficulty in verifying the identity of contributors. The bill, which is a reintroduction of the failed C-65 bill, establishes 30-day deadlines for returning or remitting illegal cryptocurrency contributions and imposes penalties of up to double the value of the contribution plus $100,000 for companies, and is currently in the first reading in the House of Commons.#CryptoNewss $BNB