Last updated September 18, 2024
Conservative MP Pierre Poilievre has presented himself as a strong advocate of decentralized finance in Canada.
Poilievre is an advocate of cryptocurrency and blockchain technology and is one of the few Canadian politicians alongside Maxime Bernier from the People’s Partyto speak positively about cryptocurrencies.
Poilievre, who is running for leader of the Conservative Party, defended his views on cryptocurrencies, particularly Bitcoin, and his rejection of CBDCon stage during debates with other candidates.
Other politicians seem to misunderstand cryptocurrencies, as does Conservative MP Leslyn Lewis I find it strange that Poiliever would be in favor of Bitcoin but not CBDC since both are digital currencies.
Poilievre corrects her, saying that Bitcoin is not controlled by any central government.
Given that other politicians have no idea how bitcoin works, it seems Poilievre may be Canada’s only hope of making bitcoin and cryptocurrencies legal tender in the future.
Below are some of Poilievre’s statements about cryptocurrencies and our interpretation of those statements.
“I want to take control of money away from politicians and bankers and give it back to the people”
The government and the Central Bank control our national currency and can print additional money at their whim, which they do. Canadians have no choice but to use the inflationary Canadian dollar because it is the only currency considered legal tender. Poilievre wants to give Canadians the option to use cryptocurrency as a means of payment. He advocates for people to have the choice to use cryptocurrency.
“We need to give people the freedom to choose other money”
Poilievre is against banning cryptocurrencies. He believes that people should have the right to choose cryptocurrency if they want.
“Government is destroying the Canadian dollar”
We have the highest inflation in 30 years. People have no choice but to continue using the Canadian dollar as legal currency, but Poilievre believes the government’s cash printing is ruining the economy.
“Canada needs less financial control for politicians and bankers, and more financial freedom for people. That includes the freedom to own and use cryptocurrencies, tokens, smart contracts, and decentralized finance.”
Poilievre advocates for decentralized finance in Canada. With the government having control over the currency and the possibility of a government-controlled digital currency, Poilievre believes this will lead to more government oversight of people’s spending and money. Poilievre believes that Canadians should have the right to use crypto and DeFi products and not have their financial habits monitored.
“The system is broken. It was designed for bankers and bureaucrats, big government and big corporations to get richer and more powerful while destroying the wages of working people. That’s what’s happening.”
If the rich continue to control money, the gap between the rich and the poor will continue to widen. Today, working people are subject to banks and government rules that largely benefit themselves and the rich.
With inflation, salaries are worth less and less, making people poorer while the rich stay richer. DeFi gives people more ways to earn higher interest on their money, something banks can’t compete with. Poilievre argues that Canadians who work regularly should have access to DeFi opportunities to grow their money and close the gap between the rich and the poor.
“Central banks have been attacking the value of our natural currencies by printing $400 billion, which has led to 30 years of inflation, doubling house prices, and massive volatility in many parts of our economy. We should be protecting the value of our national currency, not banning private money.”
Poilievre blames the government for printing cash for inflation and says that instead of trying to ban cryptocurrencies, the government should focus more on protecting the value of the Canadian dollar. Banning cryptocurrencies does not help inflation and rising home prices.
“Choice and competition can give Canadians better money and financial products. Not only that, but it can also allow Canadians to opt out of inflation by giving them the option to enter cryptocurrencies. It’s time for Canadians to take back control of their money and their lives, making Canada the freest country on Earth.”
Poilievre believes that cryptocurrency can give people freedom. He advocates for people’s right to choose between the Canadian dollar and cryptocurrencies. Canada is supposed to be one of the freest countries in the world, but people do not have freedom over their own finances and currency. Poilievre argues that freedom means the right to choose.
