The Canadians replicate the breakdown’s blow. New guidelines to safeguard bank customers went into effect in May. (and presumably to monitor them more, too). It was hard to withdraw money on July 8… And this has happened a few times already this year! Major Canadian banks had experienced outages in February that lasted several hours and prevented customers from using wire transfers, internet banking, or mobile banking. The Royal Bank of Canada (RBC), BMO (Bank of Montreal), Scotiabank, and Canadian Imperial Bank of Commerce were all impacted by the issues (CIBC). the beginning of a bank run, the desire to get rid of cash, and the urgent introduction of CBDCs? The issue is still up for debate and merits consideration.
Convoy of freedom and bank account freeze
The Canadian government began taking action against money laundering and terrorism financing at the beginning of the year, but its top priority was to block demonstrators’ bank accounts ( Freedom Convoy ).
A problem in three Canadian territories
A significant outage at Rogers, a significant telecommunications provider, impacts a portion of the Canadian banking network.
- “ A nationwide telecommunications outage at a network provider…is impacting the availability of certain Interac services ,” an Interac spokesperson confirmed to CBC News.
Users (traders and regular people) claim that this outage started on Friday night. Even on Facebook, the Northwest Territories Power Corporation requested that clients pay their bills in cash at its offices until the payment gateway is operational again.
- “ We are currently experiencing an outage across all of our wired and wireless networks and our technical teams are working hard to restore services as quickly as possible ,” a company spokesperson told CBC News on Friday.
Reliance on banks
On social media, bank customers are in a panic because they can no longer pay their bills, continue their trip, or go shopping because nobody has enough money. The blackout shouldn’t endure for traders either because it would be disastrous for them, as if the two years of the Covid issue weren’t already trying enough.
Since most governments have been fighting against bitcoin (BTC) and cash for years, the topic of whether they are the sole security measures for our freedom is raised.
We are prompted to consider our complete reliance on the banks in light of the “coup de la breakdown” and the unplanned bank freeze by Canadian protesters at the beginning of the year. The Greeks, the Chinese, the Lebanese, and now the Canadians have all experienced it. Who will follow them? What more do you need to switch to bitcoin (BTC)? even experts like Olivier Delamarche cautioned us. It might be too late once we switch to the digital Euro (a CBDC).
