Canadian crypto transaction restrictions have caught the attention of Ethereum’s Vitalik Buterin, who is now showing support for cryptocurrency users in the country, as they continue to critique the government’s policies.
Buterin throws weight behind Solana (SOL) users
The new cryptocurrency regulatory changes for Canadians have not been well received by cryptocurrency users in the country. While only four cryptocurrencies ; Bitcoin, Ethereum, Bitcoin Cash and Litecoin can be purchased without restrictions, in specific provinces, the others can only be purchased with a net limit of $30,000 annually.
Provinces with no restrictions include Alberta, British Columbia, Manitoba and Quebec. Nine others on the other hand, including Ontario, are subject to the $30,000 annual limit.
Outcries have followed the recent developments, as one user echoed the sentiments of unsatisfied cryptocurrency users, saying
You buy $20,000 of Solana (SOL), a restricted cryptocurrency. You’ve now used $20,000 of your $30,000 annual limit. If you want to purchase more crypto, you are limited to buy a maximum of $10,000″
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In response to the tweet, the CEO of Ethereum showed support for worried users, affirming that it is time for regulatory bodies to be critiqued for their bias towards Ethereum, while other legitimate cryptocurrencies are being ignored.
Vitalik is quoted saying ;
Glad to see Ethereum people pushing against regulations that privilege ETH over other legitimate cryptocurrencies.
(I have not dug into the details of what specifically is going on and to what extent it’s a gov thing vs a compliance decision of one business, but either way…)
Although Buterin has not revealed that he would personally facilitate the movement, the CEO of a Canadian based cryptocurrency exchange made it known that Buterin’s advocacy for pro-crypto legislation in Canada was always welcomed.
Canada’s crypto investment scene takes a hit, courtesy of crypto winter
The new development has surfaced at a bad time for the already struggling cryptocurrency ecosystem in Canada.
With crypto winter wiping resulting in massive losses for leading cryptocurrencies, Canadian investors holding cryptocurrencies have reduced by 13% from 2021.
Only 10% of Canadian adults now hold digital currencies, according to data from Finder.com
“We saw huge drops in the price of Bitcoin at the start of May and June and while we did see a reduction in the number of people holding cryptocurrency it’s not as severe as expected.” James Edwards, crypto specialist at Finder, recounts.
His concluding sentiments remain positive, as he explains that the surfacing data highlights the commitment of long-term holders, as well as the introduction of new buyers who may have purchased crypto at a loss.
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