Category Archives: Voices
Ways you can help support Ukraine
NCFA Canada | March 2, 2022
Below is a growing list of ways you can help support Ukraine:
List of Multinational Companies Taking Action
Website Planet (updated weekly): Multinational companies that have left Russia (and ones that decided to stay)
Links from the Globe and Mail: Support a verified fundraising campaign for Ukraine
If you see a crowdfunding campaign promising help to Ukraine, check it out carefully to see whether it’s legitimate. Look for an association with a registered charity that will have the means to distribute funds, as well as verification in place. Here are some resources Canadian and Ukrainian organizations are sharing:
- Canadian Red Cross: the local wing of an international emergency-relief organization. The federal government says it will match individual donations by Canadians.
- Médecins sans frontières (Doctors Without Borders): a humanitarian group that’s been supporting Ukraine’s COVID-19 response.
- Canada-Ukraine Foundation: a Toronto-based group that co-ordinates Canadian charitable aid to Ukraine.
- Save the Children: an international NGO delivering emergency aid to Ukrainian families.
- Voices of Children: offers psychological support to children affected by the conflict in Eastern Ukraine.
- Come Back Alive Foundation: a Ukrainian NGO that supports veterans and co-organizes the Invictus Games in Ukraine.
- Phoenix Wings: a charitable foundation that supplies the Ukrainian army with medical treatment and defensive equipment such as vests and helmets.
- Revived Soldiers Ukraine: a non-profit that funds medical rehabilitation for Ukrainian soldiers.
- Razom for Ukraine: a pro-democracy group that’s fundraising for medical supplies in Ukraine.
- Kyiv Independent: a Ukraine-based, English-language independent news media outlet.
Links from Sifted
Help NGOs build digital solutions for a crisis
Tech To The Rescue describes itself as a “voluntary movement of tech companies to help social impact organisations around the world implement digital solutions to scale up their influence”. The organisation has launched a #TechforUkraine initiative, to help charities in the country digitise and scale up the impact they’re having.
Tech companies can help NGOs build systems for resource distribution, payments and donations, secure messaging and much more. So far, it says 350 companies and 400 freelancers have pledged their support. It’s planning to launch an internal database of humanitarian aid from various NGOs, a Ukrainian map of Poland with an API to connect and display various forms of support and a chatbot in Ukrainian aggregating useful information from various sources.
👉 The organisation is inviting companies with tech skills to register here.
Get building
Similar to the #TechforUkraine initiative, but for individuals (rather than companies) with tech skills wanting to lend their help, Ukraine Global Taskforce was launched by Gustavo Iwanaga, a Google engineer based in Germany.
He says the purpose of the coalition is to “come together (irrespective of background) and work on various projects globally that will altogether minimise the impact of the war”.
Iwanaga says he has over 300 people in over 48 countries working on projects, from managing the food chain to prepping first aid kits. One goal is to develop a mobile app that will provide Ukrainians with digital solutions and support authorities with real time data.
While Iwanaga’s keen for anyone with skills to sign up — from full stack engineers to UX designers — he’s called out for people in HR to help structure the team.
👉 Interested people can sign up using this form.
Donate a skill
Ukraine Tech Collective matches international software developers with job vacancies left by Ukrainian software engineers who are involved in the war effort.
“Kind of an NGO version of maternity cover,” the initiative aims to make sure developers in Ukraine continue to get paid and small businesses can stay operational.
👉 For more information click on this link.
Hire Ukrainian tech workers remotely
Remote Ukraine is a new employment platform. It matches companies with highly trained tech talent who are looking for work as they try to escape violence in Ukraine. The work can be posted in the form of one-off tasks, short-term contracts or full-time work.
The site also handles payments, so whether you’re looking for short-term or long-term tech support, it seems like a pretty seamless way to hire Ukrainians.
Host Ukrainians in your home
Got a spare room? Sign up on We Help Ukraine if you’re able to host a Ukrainian who needs a place to stay. The platform was launched on Sunday and founder Hugo de Sousa tells Sifted that it’s been “an overwhelming experience” to see how many people have come together to build it in such a short period of time.
👉 Register your interest here.
How your startup can show solidarity. Ukrainian founders have created this guide for businesses that want to "support Ukraine and help stop the war, without firing a bullet".
Other ways the tech community can help. Here are a number of things you can do right now, from helping NGOs build digital solutions for the crisis to offering space in your home for Ukrainian refugees.
Ukrainian tech leaders to follow on Twitter. Sifted has put together a list of people from Ukraine’s global tech community who are sharing their views and experiences from both inside the country and further afield.
#TechForUkraine. Tech To The Rescue’s campaign aims to connect Ukrainian non-profits with tech companies to help them design digital solutions to coordinate humanitarian aid.
Are you a hacker? A Ukrainian cyber startup has launched a new global hackathon and is calling for volunteers to help expose Russian software vulnerabilities.
From National Bank of Ukraine: NBU Transfers Money From Special Account for Military Needs
As previously reported, the NBU has opened a special multi-currency account to raise funds for the Ukrainian military after the authorities imposed martial law in Ukraine in response to Russia’s armed aggression and the threat to Ukraine’s independence and territorial integrity.
Funds from a payment card can be remitted here.
As before, funds can be wired through a bank account using these payment details.
From Global Blockchain Business Council
While we cannot and do not specifically endorse any of the below mentioned means of support, we encourage everyone to consider how they can assist those who are suffering due to this unprovoked invasion
- According to a recent Bloomberg article, and GBBC’s anecdotal assessments based on member feedback, more than US$30mn has been raised in BTC, ETH, USDT, DOT, and DOGE (which has just been officially added). A CryptoPunk NFT, valued at ~US$200,000 was also transferred to Ukraine’s Ethereum wallet. GBBC member Merkle has created a dashboard tracking crypto donations. Here’s the Twitter post calling for cryptocurrency donations posted by the Ukrainian government on Twitter. According to CoinDesk, by Monday morning, ~$6.5 million worth of ether had been moved out of a government wallet to a Kyiv-based crypto exchange to help fund the purchase of critical supplies for evacuees, local military personnel, and the government. The Ukrainian government also announced via Twitter that it will be conducting an airdrop on March 3rd at 6pm Kyiv time to donors that have contributed to its official crypto addresses, this could be the world’s largest crypto airdrop to-date.
- Additionally, several DAOs have been set up to raise funds and coordinate aid, including UkraineDAO, set up by Russian art collective Pussy Riot, members of PleasrDAO, and Trippy Labs. set up by Russian art collective Pussy Riot, members of PleasrDAO, and Trippy Labs. The Ukrainian flag NFT being auctioned by the DAO has been sold to a pool of donors for ~US$6.5mn. Proceeds are expected to support Ukrainians affected by the invasion. Whether you agree or disagree with governments using and receiving crypto, the rate at which projects have been deployed and raised money in a crisis is precedent setting. Furthermore, there are DAOs in development that will seek to verify and record information related to the crisis as evidence of war crimes.
- On February 25, Mykhailo Fedorov, Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, announced on Twitter that Ukraine is creating an “IT army” targeting key websites and assets in Russian cyberspace. The “army” is organized under a Telegram chat, where tasks and cyber targets are posted. According to Minister Fedorov all types of digital talents are needed. As of writing, the IT army has more than 275,000 volunteers.
Nicholas Kristof on substack
That said, people keep asking me about Ukraine, and here are some suggestions:
Doctors Without Borders is just a first-rate organization that was already workin in Ukraine and is now figuring out how best to respond to the war there. I’ve seen Doctors Without Borders at work in many war-torn countries and have enormous respect for their courage and commitment. Once when I was fleeing an area in Darfur that I felt was unsafe, they were arriving. They’re the real thing.
International Medical Corps is similar to Doctors Without Borders and also does great work in Ukraine. It has a reputation for staying after the emergency is over to help build local capacity.
Kyiv Independent is a news source in Ukraine that many of us turn to understand the devastation unfolding there. It is raising money through crowdfunding on GoFundMe.
Save the Children is active in Ukraine and has a fund to support kids caught up in the conflict there. It’s a terrific organization and has a network on the ground.
Plenty of other aid groups do fine work and may be asking for your support. But see if they actually are on the ground in Ukraine or are simply helping people who have left the country.
While there are more options, I think your investment in any of these organizations I name above will be money well spent.
StartupCraft Founder (linkedin announcement)
Today we are happy to announce that we have launched the project to help Ukraine through the NFT collectibles campaign - Cossack Club.
If you can buy an NFT yourself or share a word in your network - that would be great!
We connect through the network of local volunteers and this help often saves people's lives. We are going to send updates on the social networks, Discord, and Telegram about the progress.
The main page is here:
https://cossackclub.com/
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
|---|---|---|
 |  |  |
Pomp: We Should Not Normalize Economic War On Innocent Civilians
Substack | Anthony Pompliano | Mar 1, 2022
Russia’s invasion of Ukraine has led to a flurry of financial sanctions from the United States and their allies over the last week. These actions include cutting Russian banks off from SWIFT, seizing the assets of various Russian oligarchs, outlawing US citizens and companies from transacting with Russia’s central bank, and much more.
Sanctions are levied during times of conflict to apply pressure to the leadership of our adversaries, but they accomplish this goal by actually cutting the average citizen off from the global financial system. Nearly 150 million Russian citizens have watched their savings evaporate as the ruble is in a free fall, their stocks are inaccessible since the stock market was shut down due to high volatility, and they can not withdraw or spend majority of their money due to sanctions and self-imposed limits by the banks.
See: So what is financial exclusion in the era of Open Finance?
There was an interesting development in the last 48 hours that highlights one of the key differences between the legacy financial system and the new, digital financial system. Vice Prime Minister of Ukraine, Mykhailo Fedorov, asked major crypto exchanges on Sunday to block all Russian users from using their platforms, regardless of whether they were accused of participating in any crimes or not. This request was followed up on Monday with a similar request from the White House’s National Security Council and the Treasury Department to major crypto exchanges.
As of this writing, all major crypto exchanges have stated that they will not cut off the average Russian citizen from using their products to buy, sell, or store bitcoin and various other cryptocurrencies. The largest crypto exchange in the world, Binance, stated that they are “not going to unilaterally freeze millions of innocent users’ accounts.” The company spokesperson explained to CNBC that “Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”
Kraken CEO Jesse Powell publicly stated that his platform “cannot freeze the accounts of our Russian clients without a legal requirement to do so.” He continued with this explanation:
See: How open finance ecosystems should generate value for everyone
“Our mission at [Kraken] is to bridge individual humans out of the legacy financial system and bring them into the world of crypto, where arbitrary lines on maps no longer matter, where they don’t have to worry about being caught in broad, indiscriminate wealth confiscation. Our mission is better served by focusing on individual needs above those of any government or political faction…Besides, if we were going to voluntarily freeze financial accounts of residents of countries unjustly attacking and provoking violence around the world, Step 1 would be to freeze all U.S. accounts. As a practical matter, that’s not really a viable business option for us.”
Ultimately, we are watching the divergence of two financial systems. The legacy infrastructure is built and run by a group of financial firms who are susceptible to the whims of their governments. The new infrastructure is built on open-source software that is run by no single individual or organization. The decentralized nature leads to a different outcome in these situations.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Is productivity, wealth creation and competition at the forefront of Canada’s growth agenda?
The Globe and Mail | Patrick Brethour | Feb 26, 2022
The Liberals have pointed to the country’s sizzling labour market as proof of their economic management prowess. Canada is indeed a leader among developed countries in creating jobs. But we’re at the back of the pack in creating wealth.
Rising productivity, not jobs, is what will be key to not just outrunning the shadow of the federal debt burden, but in creating the fiscal capacity to deal with climate change, an aging population and a host of other huge challenges in coming decades.
See: Monopoly-Friendly Canada ‘Does Not Treat Competition Policy Seriously’
Ms. Freeland’s fiscal update speech mentioned jobs nine times. Productivity got zero mentions. Competitiveness, just one.
That lopsided emphasis is one warning sign. Another is Canada’s last-place finish in an October study from the Organization for Economic Co-operation and Development on projected growth in per capita gross domestic product from 2020 to 2060 among its 38 member countries.
If the Liberals’ gambit is to pay off, that 50-year slump must end. Canada needs a productivity plan. But so far, the federal government hasn’t produced one. “There’s a lack of ambition, a lack of commitment,” says Scotiabank chief economist Jean-François Perreault.
Former BlackBerry Ltd. chairman and co-CEO Jim Balsillie says: The debate should not be about shifting from resource extraction to factories making gear for the green economy. Canada should not try to compete on labour costs in a world where many other nations can offer much more favourable terms.
See: The Enterprise Automation Imperative—Why Modern Societies Will Need All the Productivity They Can Get
Instead, the focus of policy should be creating conditions for Canadians to invent the next world-beating electric battery, rather than make someone else’s. “The money is owning the idea, and capturing value on that,” he says.
One immediate change he recommends: leverage federal research funding to capture more of the economic value of Canadian innovation. That could be done by requiring that the rights to any intellectual property have to be retained in Canada, so that domestic firms can make use of that technology.
Canadians can either seize the high ground in the increasingly digitized global economy, and reap outsized benefits, or this country will see itself relegated to at best second-tier status.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Aftermath Islands Metaverse Showcases New Interactive Demo for Oculus Devices
Liquid Avatar Technologies | David Lucatch | Feb 24, 2022
TORONTO, ON and BRIDGETOWN, BARBADOS / ACCESSWIRE / February 24, 2022 / Oasis Digital Studios Limited ("Oasis"), a wholly owned subsidiary of Liquid Avatar Technologies Inc. (CSE:LQID)(OTCQB:LQAVF)(FRA:4T51) ("Liquid Avatar Technologies" or the "Company"), a global blockchain and fintech solutions company, focused on digital identity, integrated avatars and the Metaverse, is pleased to announce that its controlled subsidiary, Aftermath Islands Metaverse Limited ("Aftermath Islands") has completed its second pilot test activities designed for Meta's (formerly Facebook) Oculus system using the Quest 2 VR headset and hand controllers. The conceptual interaction with Dinosaurs, taken from the actual virtual experience, can be viewed here.
This is the second of many early-stage interactive experiences planned for Aftermath Islands as the Company is currently working to complete several initial pilots of virtual and interactive platforms and technologies, including but not limited to Oculus, as it assesses a range of initiatives for its first launch program expected for mid-2022. Future demos that may lead to full version experiences may include western gun fights, light sword dueling, survival training, virtual art galleries, entertainment, business events and more.
See: Liquid Avatar Technologies and Bonifii Make Verifiable Credentials Accessible for People and Financial Institutions in the Metaverse
As previously announced, other initial launch programs include virtual escape rooms, with award winning, real world and virtual escape room creator Hourglass Escapes LLC. and The Lost Kingdom of T'Sara, the upcoming P2E (play to earn) game which will allow users to gather resources and Credits for Aftermath Islands. Both these programs are currently in development for an expected Q2 beta launch.
As part of its Metaverse program, Aftermath Islands is developing the Aftermath Islands Explorers League, creating a virtual location for Aftermath Island virtual landowners and account holders to start their journey in Aftermath Islands, getting acquainted with new products, features and services and create their avatars. Users will be able to hone skills, share experiences, visit a virtual café and stores, engage with other users, participate in a variety of activities and transport to their favorite islands all from the Explorers League.
"We continue to accelerate experiences and new offerings at Aftermath Islands as well as throughout the entire Liquid Avatar Technologies organization, delivering world-class solutions for digital identity, avatars, NFTs and the Metaverse," said David Lucatch, CEO Liquid Avatar, Managing Director Oasis Digital Studios Limited & Aftermath Islands Metaverse Limited.
See: 7 Ways the Metaverse is Changing Enterprises
"This is the second pilot for the Oculus platform and further demonstrates our abilities to reach milestone activities and drive forward with a range of technologies and the first phase launch of Aftermath Islands Metaverse."
In addition to its recently announced premium virtual islands, Fab Island, Vegas Island and Cannabis Cove, additional premium theme islands are planned for release. Aftermath Islands Metaverse is working with brands and agencies and welcomes the opportunity explore partnerships that will create new and interactive virtual experiences for players.
View the original release --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
‘Immediate emergency situation is over’: PM Trudeau revokes Emergencies Act
CTV News | Sarah Turnbull | Feb 23, 2022
Prime Minister Justin Trudeau says the government will take steps to end the use of the Emergencies Act after it was invoked just over a week ago in response to the ongoing trucker convoy blockades and protests.
Trudeau made the announcement alongside Deputy Prime Minister and Finance Minister Chrystia Freeland, Justice Minister David Lametti, Public Safety Minister Marco Mendicino, and Emergency Preparedness Minister Bill Blair.
The House of Commons passed a motion on Monday confirming the time-limited emergency powers, which included sweeping financial tools to cut the convoy’s funding. The Senate is still debating the matter.
Canadian cryptocurrency exchanges ordered to cease dealings with convoy-linked accounts
Officials report (most) frozen bank accounts under the Emergencies Act are being released
“Today, after careful consideration, we're ready to confirm that the situation is no longer an emergency. Therefore, the federal government will be ending the use of the Emergencies Act,” the prime minister said.
Trudeau added while the “immediate emergency situation is over” the issue itself “won’t go away.”
“We need to constantly work to defend and improve our democracy at home and around the world,” he said, speaking to reporters.
The Act was set to expire after 30 days had it not been revoked.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Carolyn Wilkins: to achieve benefits, crypto must be made as safe as Canada’s financial system
Financial Post | Carolyn Wilkins | Feb 16, 2022
If done well, we can achieve benefits of financial innovation for households and businesses and avoid build up of systemic risk
If done well, we can achieve benefits of financial innovation for households and businesses and avoid build up of systemic riskWe know that most of the new kids in town were law-abiding pioneers, some with an admirable rebellious streak. They were driven by reinvention, expansion and to challenge the establishment.
The crypto frontier has these characteristics. Expansion is clear. The crypto market has exploded from just US$16 billion five years ago to some US$2 trillion today. There’s reinvention too. The crypto ecosystem is challenging the traditional financial system, which, for all its strengths, is also often inefficient, expensive and exclusive. Some of the pioneers have Canadian roots: Vitalek Buterin, co-founder of Ethereum, just made the Maclean’s power list.
See: Major Firms Launch the Crypto Market Integrity Coalition to Crackdown Manipulation
We need to sort out what differentiates a bandit from a law-abiding pioneer to achieve the benefits of financial innovation for households and businesses, and avoid the build up of systemic risk. Clear and proportionate legal and regulatory frameworks for the emerging crypto ecosystem is the right way to do this.
See: Updated Report: Regulation of Cryptocurrency Around the World (Nov 2021)
The opportunities and risks extend beyond the crypto assets themselves. Lending, insurance, and other financial services are rapidly changing. It’s increasingly enabled by DeFi, or decentralized finance, running predominantly on the Ethereum blockchain.
Even so, DeFi arrangements raise familiar issues that will require regulation. The most immediate issues relate to fraud, misappropriation, conflicts of interest and cyber attacks. In some cases, despite claims to the contrary, operations and activities within DeFi are governed or administered by a small group of developers and investors.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Alex Vronces: Follow the money, but also look in the mirror
Mox | Alex Vronces | Feb 16, 2022
The biggest threat to liberal democracy isn't what you think it is
The biggest threat to liberal democracy isn't what you think it isThe biggest threat to liberal democracy is not what most people are saying it is. It’s not the “freedom convoy” that is calling for an end to mobility restrictions and vaccine mandates. Yes, many of them are wacky. If you spent as much time as I did scrolling through your Twitter feeds, you’d have found a video of a naked man army-crawling across a cement road, in a crowd of protesters cheering him on, with party music blaring to the discontent of Ottawa’s downtown residents. The video has since been taken down. It’s wacky, but it’s not democracy-destroying. And neither is the chattering class of cottage-dwelling MacBook-wielders, who are calling for authorities to suppress what the New York Times’ editorial board called legitimate democratic expression. These people need to take a breath and count to ten more than they need a refresher in political philosophy.
See: PM Trudeau Invokes Emergencies Act Catching Protester Firms including Crypto in Crossfire
The biggest threat to liberal democracy is the poor state of our public institutions. Law enforcement and our governments should have drawn the line weeks ago. Honking your horns on Parliament Hill in the late afternoon, and occupying a small strip of Wellington Street? Go ahead. That’s a liberal democratic vibe. Breaking decibel metres in the middle of the night, and blocking the Canada-United States border? Truck around and find out. But our public institutions were so busy pointing the finger at each other that they didn’t have any hands left to draw the line, let alone hold it.
That we let things get bad enough to invoke the Emergencies Act is as clear a sign as ever that our public institutions aren’t up to snuff. Along with its emergency powers, the federal government announced a slew of measures to follow the money: authorizing banks to cut suspected funders of civil disobedience from their bank accounts, and forcing crowdfunding platforms and payment processors to register with our financial intelligence and crime unit, FINTRAC. The private sector’s role in all of this—the good and the bad—has been under the looking glass for a while now. Recently, a parliamentary committee on public safety and national security agreed to study the role of the private sector in funding extremism. The usual suspects were named: social media, crowdfunding platforms, payment processors.
Calls to follow the money are fine. But where are the other calls? We should ask whether private institutions had a hand in this, but we should also ask why public institutions have a record of being outperformed by their private counterparts. GoFundMe, the original crowdfunding platform for the “freedom convoy,” froze almost $5 million in donations on January 25 because its terms and conditions were being violated. It wasn’t until February 10 that the Ontario government froze the funds being raised on GiveSendGo, an alternative crowdfunding platform the convoy’s enablers started using. Now the convoy has turned to bitcoin. It’s a game of whack-a-mole the government can’t keep up with.
See: NCFA Advocacy | Industry Research & Reports
Our public institutions lack capacity because we don’t invest in them to meet future logistical challenges. For example, the extraordinary power the government has exercised to follow the money didn’t have to be extraordinary. It probably could have been a business-as-usual power if the federal government had passed the Retail Payment Activities Act when it was supposed to. Passed in 2021 but not yet in effect, the RPAA will give the federal government the power to shut down any payment service provider, whether that’s for “prescribed” reasons or for reasons related to national security. This potentially broad power wouldn’t be invoked lightly, but then again, neither should the Emergencies Act.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
