adplus-dvertising
Connect with us

News

Cryptocurrencies gaining traction among Conservatives — here are some reasons why

Published

 on

OTTAWA — Conservative MP Michelle Rempel Garner says she hopes her bill to help grow the cryptocurrency sector will get Canadian legislators talking about it in a non-polarized way.

The private member’s bill she introduced in February, which was debated in the House of Commons Tuesday evening, would compel the government to consult experts and create a plan for crypto assets within three years.

Many Canadians are still confused by how digital currencies, like Bitcoin, even work and exist in Canada. Rempel Garner thinks regulators and lawmakers feel similarly lost.

Cryptocurrencies gained a lot of attention when protesters in big rigs blockaded access to Parliament Hill for several weeks beginning in January. Those involved turned to digital assets as a way to collect donations after being dumped by GoFundMe and seeing funds generated by another online fundraising site frozen by an Ontario court.

“We have this sort of rigid polarization, where … ‘crypto is the devil, it’s terrible, it’s going to ruin your life’ to ‘crypto is the saviour, it’s going to liberate all things,’” Rempel Garner said Tuesday.

“That’s really oversimplified.”

Fellow MP and Conservative Party of Canada leadership candidate Pierre Poilievre is among those touting cryptocurrencies as an answer to the country’s current economic woes.

Rempel Garner is working on the campaign of Poilievre’s leadership rival, Patrick Brown.

Last week, Poilievre, who is himself a Bitcoin user, said digital currencies could help Canadians “opt out of inflation” and vowed to make the country more friendly to them.

He said he believes Canadians should have “more financial freedom” while politicians and bankers should have less financial control. Freedom has been the overarching theme of Poilievre’s campaign since he launched it in February.

University of Calgary economist Trevor Tombe said buying into digital assets doesn’t insulate anyone from price changes. In fact, he says, Bitcoin can be highly volatile for those involved.

“It’s putting crypto out there as some kind of cure all to the inflation challenges that we’re seeing. And that is not the case — not the case now, and it wouldn’t even be the case in some hypothetical world where we only use crypto,” he said.

Tombe said the main driver of inflation right now is the increase in oil prices, and digital currencies won’t change that.

“It doesn’t matter what currency you’re using to value barrels of oil,” he said. “If you take a number of barrels off the market, like we have following Russia’s invasion of Ukraine, then you’re going to see prices rise. Similarly, during recessions, when demand falls, you’ll see prices fall.”

Rempel Garner said the idea that Bitcoin could be used to hedge against inflation hasn’t been tested over a period of time when inflation has been sustained. As well, she says it’s volatility could spell trouble for anyone considering using Bitcoin as a way to pay people for their work.

Bruce MacLellan, CEO of Proof Strategies, which surveys Canadians’ trust levels, said while Poilievre may feel his message around freedom and cryptocurrencies is a winning one for a segment of the Conservative base — and those who champion freedom as an ideal — Proof’s research suggests it wouldn’t resonate more widely.

“Canadian trust in our banks is very stable,” he said in an interview Tuesday. “At the moment crypto has a huge reputation and trust issue.”

He says its link to the convoy protest doesn’t help matters. Like other new sectors, such as cannabis and artificial intelligence, Canadians are curious, but cautious around cryptocurrencies, which have also been reported on as being favoured by criminals and hackers.

“That’s a pretty problematic brand association.”

At the same time, MacLellan says there’s a lot of appeal in messages of freedom right now among right-of-centre voters. He says their research suggests Conservative party members tend to be less trusting than those who belong to the Liberal Party of Canada and Bloc Québécois.

“The number of people who don’t trust in banks or the Canadian financial markets, they are a perfect market opportunity for Bitcoin.”

For several years, MacLellan said they have seen levels of trust falling in the Prairies, which also happens to be home to many in the Conservative grassroots.

Like with other emerging industries, he says what they find helps build trust is in fact more regulation, which runs counter to messages of less government.

“People aren’t going to just take a flyer and decide, ‘Oh, well, yeah, I don’t need to go to the Royal Bank anymore because I’ve got my crypto account,’” he said.

“That is not a Canadian behaviour.”

Liberal MP Jenna Sudds indicated her party likely won’t support the bill during a debate on Tuesday, saying it’s narrow in scope and doesn’t address the risks inherent to cryptocurrency.

This report by The Canadian Press was first published April 5, 2022.

 

Stephanie Taylor, The Canadian Press

News

Port of Montreal employer submits ‘final’ offer to dockworkers, threatens lockout

Published

 on

MONTREAL – The employers association at the Port of Montreal has issued the dockworkers’ union a “final, comprehensive offer,” threatening to lock out workers at 9 p.m. Sunday if a deal isn’t reached.

The Maritime Employers Association says its new offer includes a three per cent salary increase per year for four years and a 3.5 per cent increase for the two subsequent years. It says the offer would bring the total average compensation package of a longshore worker at the Port of Montreal to more than $200,000 per year at the end of the contract.

“The MEA agrees to this significant compensation increase in view of the availability required from its employees,” it wrote Thursday evening in a news release.

The association added that it is asking longshore workers to provide at least one hour’s notice when they will be absent from a shift — instead of one minute — to help reduce management issues “which have a major effect on daily operations.”

Syndicat des débardeurs du port de Montréal, which represents nearly 1,200 longshore workers, launched a partial unlimited strike on Oct. 31, which has paralyzed two terminals that represent 40 per cent of the port’s total container handling capacity.

A complete strike on overtime, affecting the whole port, began on Oct. 10.

The union has said it will accept the same increases that were granted to its counterparts in Halifax or Vancouver — 20 per cent over four years. It is also concerned with scheduling and work-life balance. Workers have been without a collective agreement since Dec. 31, 2023.

Only essential services and activities unrelated to longshoring will continue at the port after 9 p.m. Sunday in the event of a lockout, the employer said.

The ongoing dispute has had major impacts at Canada’s second-biggest port, which moves some $400 million in goods every day.

On Thursday, Montreal port authority CEO Julie Gascon reiterated her call for federal intervention to end the dispute, which has left all container handling capacity at international terminals at “a standstill.”

“I believe that the best agreements are negotiated at the table,” she said in a news release. “But let’s face it, there are no negotiations, and the government must act by offering both sides a path to true industrial peace.”

Federal Labour Minister Steven MacKinnon issued a statement Thursday, prior to the lockout notice, in which he criticized the slow pace of talks at the ports in Montreal and British Columbia, where more than 700 unionized port workers have been locked out since Nov. 4.

“Both sets of talks are progressing at an insufficient pace, indicating a concerning absence of urgency from the parties involved,” he wrote on the X social media platform.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

‘Disgraceful:’ N.S. Tory leader slams school’s request that military remove uniform

Published

 on

HALIFAX – Nova Scotia Premier Tim Houston says it’s “disgraceful and demeaning” that a Halifax-area school would request that service members not wear military uniforms to its Remembrance Day ceremony.

Houston’s comments were part of a chorus of criticism levelled at the school — Sackville Heights Elementary — whose administration decided to back away from the plan after the outcry.

A November newsletter from the school in Middle Sackville, N.S., invited Armed Forces members to attend its ceremony but asked that all attendees arrive in civilian attire to “maintain a welcoming environment for all.”

Houston, who is currently running for re-election, accused the school’s leaders of “disgracing themselves while demeaning the people who protect our country” in a post on the social media platform X Thursday night.

“If the people behind this decision had a shred of the courage that our veterans have, this cowardly and insulting idea would have been rejected immediately,” Houston’s post read. There were also several calls for resignations within the school’s administration attached to Houston’s post.

In an email to families Thursday night, the school’s principal, Rachael Webster, apologized and welcomed military family members to attend “in the attire that makes them most comfortable.”

“I recognize this request has caused harm and I am deeply sorry,” Webster’s email read, adding later that the school has the “utmost respect for what the uniform represents.”

Webster said the initial request was out of concern for some students who come from countries experiencing conflict and who she said expressed discomfort with images of war, including military uniforms.

Her email said any students who have concerns about seeing Armed Forces members in uniform can be accommodated in a way that makes them feel safe, but she provided no further details in the message.

Webster did not immediately respond to a request for comment.

At a news conference Friday, Houston said he’s glad the initial request was reversed but said he is still concerned.

“I can’t actually fathom how a decision like that was made,” Houston told reporters Friday, adding that he grew up moving between military bases around the country while his father was in the Armed Forces.

“My story of growing up in a military family is not unique in our province. The tradition of service is something so many of us share,” he said.

“Saying ‘lest we forget’ is a solemn promise to the fallen. It’s our commitment to those that continue to serve and our commitment that we will pass on our respects to the next generation.”

Liberal Leader Zach Churchill also said he’s happy with the school’s decision to allow uniformed Armed Forces members to attend the ceremony, but he said he didn’t think it was fair to question the intentions of those behind the original decision.

“We need to have them (uniforms) on display at Remembrance Day,” he said. “Not only are we celebrating (veterans) … we’re also commemorating our dead who gave the greatest sacrifice for our country and for the freedoms we have.”

NDP Leader Claudia Chender said that while Remembrance Day is an important occasion to honour veterans and current service members’ sacrifices, she said she hopes Houston wasn’t taking advantage of the decision to “play politics with this solemn occasion for his own political gain.”

“I hope Tim Houston reached out to the principal of the school before making a public statement,” she said in a statement.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Sides in B.C. port dispute to meet in bid to end lockout after talk with minister

Published

 on

VANCOUVER – Employers and the union representing supervisors embroiled in a labour dispute that triggered a lockout at British Columbia’s ports will attempt to reach a deal when talks restart this weekend.

A spokesman from the office of federal Labour Minister Steven MacKinnon has confirmed the minister spoke with leaders at both the BC Maritime Employers Association and International Longshore and Warehouse Union Local 514, but did not invoke any section of the Canadian Labour Code that would force them back to talks.

A statement from the ministry says MacKinnon instead “asked them to return to the negotiation table,” and talks are now scheduled to start on Saturday with the help of federal mediators.

A meeting notice obtained by The Canadian Press shows talks beginning in Vancouver at 5 p.m. and extendable into Sunday and Monday, if necessary.

The lockout at B.C. ports by employers began on Monday after what their association describes as “strike activity” from the union. The result was a paralysis of container cargo traffic at terminals across Canada’s west coast.

In the meantime, the union says it has filed a complaint against the employers for allegedly bargaining in bad faith, a charge that employers call a “meritless claim.”

The two sides have been without a deal since March 2023, and the employers say its final offer presented last week in the last round of talks remains on the table.

The proposed agreement includes a 19.2 per cent wage increase over a four-year term along with an average lump sum payment of $21,000 per qualified worker.

The union has said one of its key concerns is the advent of port automation in cargo operations, and workers want assurances on staffing levels regardless of what technology is being used at the port.

The disruption is happening while two container terminals are shut down in Montreal in a separate labour dispute.

It leaves container cargo traffic disrupted at Canada’s two biggest ports, Vancouver and Montreal, both operating as major Canadian trade gateways on the Pacific and Atlantic oceans.

This is one of several work disruptions at the Port of Vancouver, where a 13-day strike stopped cargo last year, while labour strife in the rail and grain-handling sectors led to further disruptions earlier this year.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

Trending