Financial Censorship is Here…Can PriFi Save the Day?

 

The truckers in Canada have left as Canadian leader Justin Trudeau used drastic emergency orders and forced economic restrictions to throttle his way to compliance. 

As compliance has been enforced, Defi crumbles, and the government looks to heavily regulate cryptocurrency, it would seem that the dark night of crypto winter is upon us. It will only be a matter of time before central bank digital currencies are in full effect, and financial surveillance is at our doorsteps.  

But not all has been in vain. 

The Canadian government’s reaction to the protest has dropped nuggets of wisdom we can and should all learn from. The biggest lesson is the growing need for an independent and private source of protection for our finances – as financial lockdowns were one of the key components to squashing the freedom convoy.

Let’s look at why this has shone a light on the need for financial education and independence.

A Quick Look Into Recent Events

When the government worked together with financial institutions to freeze the bank accounts of those involved in the protest, they were able to ruin the lives of protesters in an instant. There was, unfortunately, no recourse from the law, nor was there any judicial oversight. 

Canada set a dangerous precedent in proceeding with these actions. 

Why?

Because it shows to the world that democratic free nations are capable of hijacking the finances of civilians without any consequence. 

The Canadian government has proved to us that they are in absolute control of our economic, financial, and social lives and we are at their mercy to obey their undemocratic policies. And this is a dangerous place to be in, for we haven’t even seen the consequences and effects of a Central Bank Digital Currency (CBDC).

Is there hope? Yes, indeed. 

Hope comes when we arm ourselves with knowledge. Knowledge of how, when, and where we can protect our finances and ensure it is not arbitrarily taken away from us.

Hope comes in the form of decentralization (cryptocurrency) and in protecting ourselves with financial privacy. Hope comes from PriFi (private finance).

Why has Traditional Finance failed us?

The first move in Trudeau’s arsenal was to freeze the bank accounts of those involved in the protest. Hence, make sure you are not going to be able to access your money for a democratic protest.

Is this legal? 

In normal circumstances, no. 

In emergency circumstances, unfortunately, yes.

The emergency measures used by the Prime Minister invoked the Emergencies Act, of 1988. The law gives unlimited powers to our democratically elected leaders to stop financial transactions where and when they see fit. The action led to the coercive economic stranglehold that ultimately helped police clear roadways blocked by protesters.

Since the law gives arbitrary powers to the executive, there are no checks and balances, and, so no court order was required and no legal recourse was available.. 

It was ‘comply’ or face further consequences.

And further consequences were indeed taken.

Within the first week, TD Bank had isolated and frozen $1.1 million in assets from the two leading personal bank accounts known to be supporting the fundraising.

Not soon after, sites like GoFundMe and GiveSendGo used to raise funds by the convoy organizers, were told they had to register with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), which is Canada’s fintech regulator.

This means that if GiveSendGo wants to operate in Canada they need to flag suspicious and large transactions for the government. The Freedom Convoy had raised more than US$9.5 million on the website.

Now FINTRAC will be searching for suspicious transactions related to the attempted commission of money laundering or terrorist activity financing and usually involved flagging cash transactions over $10,000.

What we learn from the trucker’s experience is that you don’t own your money. You receive it as a ‘privilege’ from the government, and it can be taken away from you if the regulatory agencies deem certain circumstances to merit it. 

Furthermore, the government wants to know what you’re doing with your money and how much money you have. These were placed in the name of security after 9/11—to ensure that monetary transactions weren’t ending up with the “wrong” people. Unfortunately, the collateral damage is that this broad sweeping law affects any and everyone.

With history as our evidence (financial crisis of 2008, insatiable money printing of 2020, etc.) it is clear to see that traditional finances and government bodies have failed us. Which is why we all turn to crypto …right? 

Cryptocurrency

Why Traditional Cryptocurrencies Won’t Help Us

Bitcoin, Ethereum, and other non-privacy-based cryptocurrencies were not the saving grace the truckers thought they were. They were never meant to be. 

Actually, they proved to be quite the opposite.

And that may be a shock to everyone in the crypto space.

Regardless, out of desperation, that didn’t stop them from going to Bitcoin when the government cracked down on their GoFundMe and bank accounts.

The challenge with traditional crypto blockchain is that it maintains no privacy and is completely transparent. All major exchanges in Canada need to be registered with FINTRAC, so when the government decides to crack down on individuals who want to evade government scrutiny, they’re already starting out with a huge piece of the puzzle.

The lengths the government went to curtail the “freedom convoy’s” cryptocurrency connection suggests that they understand that funds transferred on a transparent blockchain were easily identifiable. The Ontario Superior Court of Justice issued a private class action lawsuit against the convoy and secured an injunction, freezing funds raised through crypto donations.

It’s called a Mareva injunction and it was used to freeze crypto assets in more than 120 different addresses. Such an injunction is issued through a court order to freeze the defendant’s assets to prevent them from being spent, hidden or moved before a judgment can be ordered. 

So, in the case of traditional cryptos, such an injunction will require the government to find what coins are involved and track them back to the user’s wallet, and ultimately the exchange they came from, and then subpoena the exchange for the user’s information. 

The lawsuit also forces several financial institutions, platforms and exchanges to freeze transactions related to identified addresses’ wallets. The two obvious fundraising sites, GoFundMe and GiveSendGo, were included, along with other digital asset platforms and exchanges like Binance, Smart chain, PancakeSwap and more.

This is exactly where traditional cryptos fail to protect our privacy. 

Regardless of what you believe about the freedom convoy, the absolute power of the regulatory agencies in regards to crypto is apparent. They can easily view and freeze your crypto when and where necessary.

And while the best option for protecting your finances is by keeping your crypto in cold storage or using a decentralized exchange, even DEX’s deal mostly in traceable coins like Bitcoin or Ethereum.

Which is why PriFi exists.

PriFi Is The Only Way: 

PriFi is private finance. It includes privacy coins such as Monero and Haven, which use ring signatures to obscure every single point of a transaction on the blockchain and give options regarding access back into the hands of the user, rather than leave them open and transparent like in most other blockchains.

PriFi offers a number of significant advantages over traditional cryptocurrencies. Let’s for the moment, remove price from the equation, and look at the protection they provide.

Like carrying cash, PriFi coins offer cryptocurrency investors the following benefits: 

  • Out of reach of governments and regulatory agencies,
  • Represents an untouchable store of value, 
  • Accessible and controlled by the user without oversight from any regulatory body, and
  • Unlike transacting with banks, and fundraising services like GoFundMe, you own and control this money.

Finally, using PriFi through protocols like Haven, Monero or others, would put your money out of reach of regulatory bodies and take the financial coercion option off the table for regulators seeking to extend their power at the expense of your human rights. 

PriFi is an answer and solution to cryptocurrency’s lack of privacy, and the stronghold government’s CBDCs will eventually have on your financial future.

The Future:

Privacy is an inalienable human right. We forget this at our peril. The recent truckers protests have demonstrated to us the amount of control the governments of the world have on the economic lives of each and every one of us. 

We pay taxes to the government to, among other services, protect us from our enemies foreign and domestic, but what happens when the government begins to act in ways we don’t condone? When they turn those powers, meant to protect us, into our own lives to control us?

We must always be aware that the people implementing these changes and signing these bills believe they are doing these things with our best interests at heart. There are no enemies here—just people with good intentions taking us to dark places of absolute control one step at a time.

If you’re looking for a better way, one that gives you the power of control in cryptocurrency, then you want to secure your financial future with PriFi. It’s the only way, and protocols like Haven, Monero, and others are providing education and solutions.

Protect your crypto future and explore PriFi options today.

Author bio:

Harlequin

Once Harlequin discovered crypto in 2014, the question ‘what is money’ took hold and Harlequin became fascinated by the possibilities of decentralizing trust. Working in the tech industry, it was clear to Harlequin that we all have very little privacy in the digital world. What was challenging was how oblivious the average person is to the dangers of this.

Harlequin wanted to change this. Upon discovering Haven, these two passions collided and the concept of a private stablecoin ecosystem immediately made sense. Harlequin is committed to understanding and promoting tools that we can use to preserve our privacy and our freedom, and is passionate about educating others in the space. If you’re interested in joining the conversation and learning more about PriFi stablecoins, you can learn more by going here: https://havenprotocol.org/

 

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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