The Canadian government has introduced the Strong and Free Elections Act, aiming to prohibit political parties from accepting cryptocurrency donations. This legislation, revealed on Thursday, responds to concerns over potential foreign interference in elections.
Political donations via cryptocurrency have been allowed in Canada since 2019, classified similarly to property contributions. However, a recent report by chief electoral officer Stéphane Perrault highlighted issues with identifying contributors, leading to this proposed ban.
Should the new law pass, any donations made through the restricted payment methods must be either returned or destroyed. Violators could face penalties of up to double the contribution amount, alongside fines of $25,000 for individuals and $100,000 for corporations.
The bill's sponsor, Steven MacKinnon, emphasized the government's commitment to safeguarding the integrity of elections. This proposal faces a lengthy legislative process, needing multiple readings in the House of Commons and approval from the Senate before reaching the Governor General for royal assent.