According to a new Twitter post on Tuesday, Canadian Prime Minister Justin Trudeau made critical remarks regarding newly elected opposition leader Pierre Pollievere's pro-crypto platform, writing:
"We’ll also call out questionable, reckless economic ideas. Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership."
In a separate TV appearance, Trudeau reiterated the remarks, adding that "responsible leaders" shouldn't advocate for individuals to "invest their life savings in volatile cryptocurrencies."
On Saturday, Calgary-born politician Pierre Pollievere won 68.15% of the votes in an election for the next leader of the Conservative Party of Canada, or the official opposition to the incumbent Liberal Party led by Justin Trudeau.
Pollievere is a pro-crypto advocate who has pledged to transform Canada into "the blockchain capital of the world," citing positive job creation prospects within the Web3 sector and a lower cost to access financial products as reasons to support the intent. In past interviews, Pollievere claims that the government is "ruining the Canadian dollar," and that Canadians should uconsider other forms of money, such as crypto.
Earlier this year, Canada declared a state of emergency after a convoy of truckers, dubbed the "Freedom Convoy," blockaded the downtown area within the nation's capital, Ottawa. The group advocated for an end to all coronavirus-related lockdown measures and an end to vaccine mandates.
In response, the Trudeau government invoked the country's Emergency Act, empowering banks to freeze funds related to protestors' activities. Subsequently, an Ontario judge ordered millions of Bitcoin-denominated donations to the group's wallet address to be frozen. The RCMP, or Canada's federal police, also requested crypto exchanges to freeze wallets held by protestors.
As of July 2022, inflation in Canada stood at 7.6%, representing the highest level in the past 40 years. Meanwhile, cryptocurrencies have not held on as an "inflation hedge" this year, with the overall market cap of digital assets falling over 60% from January.
While the LUNC community rejoices because of a potential comeback for the Terra Luna Classic (LUNC) token, the founder of the Terraform Labs, Do Kwon, is now facing a warrant of arrest from South Korean authorities.
A court located in Seoul reportedly issued a warrant of arrest for Kwon and five other people who are all currently located in Singapore. According to the prosecutor’s office in South Korea, the Terra founder is facing allegations of violating the country’s capital markets law
In May, what the Terra community first suspected to be a FUD attack became one of the most devastating market crashes in crypto history, triggering the loss of millions of assets from investors of Terra USD (UST) — now renamed Terra Classic USD (USTC) — and Terra (LUNA), which is also rebranded to Terra Luna Classic (LUNC). The UST stablecoin started to drift away from its dollar peg, dropping to an all-time low of $0.006 in June.
Apart from UST, LUNA, an asset that once reached its peak at $119.18 in April dropped massively to an all-time low of $0.0000009, causing suicide hotlines to be pinned on the project’s Reddit community.
On Aug. 17, Kwon hired attorneys from a law firm based in South Korea just a few days after saying that the authorities have not yet reached out to him. According to a report, the Terra founder delivered a letter of appointment to the department responsible for investigating the Terra collapse.
The Terra founder also broke his silence on Aug. 16 in an attempt to clear his name from various allegations. However, despite Kwon's efforts, community members still criticized the Terra CEO, comparing his situation to the creator of Tornado Cash, who was arrested for writing a privacy code.
Digital asset company Securitize Capital is set to tokenize $491 billion asset management firm KKR’s Health Care Strategic Growth Fund II (HCSG II) on the Avalanche blockchain.
The news was shared by KKR on Sept. 13, with the tokenization of HCSG II being described by the head of Securitize Capital Wilfred Daye as a “significant breakthrough” for individual access to private equity markets.
The tokenization enables investors to own a token representing a share of the $4 billion healthcare-focused fund that invests in 23 North American and European-based companies versed in the pharmaceuticals, medical devices and life sciences sectors.
In order to buy in the HCSG II Fund on the Securitize protocol, investors need to submit their passport, fill out personal and tax information and complete a “liveness check” in order to be reviewed. Investors are also subject to a 0.50% management fee.
Founder and CEO of Ava Labs Emin Gün Sirer said the tokenization of the HCSG II Fund marked a “huge milestone” for the blockchain industry in enabling “real world assets” to move on-chain:
KKR said on-chain tokenization of real world assets also “lowers investment minimums, improves digital investor onboarding and compliance protocols, and increases potential for liquidity through a regulated alternative trading system.”
The potential for tokenization to capture a large share of global assets has also been acknowledged by Boston Consultant Group (BCG) and Raiffeisen Bank International’s Blockchain Research Hub.
BCG predicted that $16.1 trillion of illiquid assets will be tokenized by 2030, while Raiffeisen Bank International’s Blockchain Research Hub predicted last year that most securities will be tokenized by 2030.
Securitize Capital operates the Securitize protocol, which was integrated onto the Avalanche blockchain in Dec. 2020 and is focused on “reinventing private capital markets by delivering trusted end-to-end security token solutions.”
This Daily Dose was brought to you by Cointelegraph.