Source: Coindesk; Compiled by: Five Baht, Golden Finance

Canada’s leader and Prime Minister Justin Trudeau is about to step down after holding the position for nearly ten years.

Trudeau is seen as part of Canada’s federal boycott of digital assets, so a friendlier alternative could be a boon for cryptocurrencies, although provinces have been in the driver’s seat.

Canadian Prime Minister Justin Trudeau announced his resignation on Monday, which could pave the way for a less crypto-resistant Canada, even as provinces play a leading role in determining the future of digital assets in Canada.

Trudeau said at a press conference: "I intend to resign as party leader and prime minister after the party elects a new leader." He said "internal strife" had disrupted his governance. "I cannot be the person who carries liberal standards into the next election."

Trudeau said he would step down from the post he has held as leader of the Liberal Party for 11 years and the position he has held since 2015. The position of Prime Minister. Critics of Trudeau in the crypto community have decried sanctions imposed on digital wallets during the 2022 Freedom Convoy protests.

The move to freeze cryptocurrency accounts has reverberated beyond Canada and has become a rallying cry for U.S. Republican lawmakers during the 2024 election. These politicians point to this situation as a prime example of the dangers of allowing central bank digital currencies (CBDCs), which could lead to interference in cryptocurrency transactions.

Canada's general election is about to be held in October, and according to opinion polls, the Conservative Party's Pierre Poilievre has a strong advantage. He has also won cross-border support from many supporters of US President Donald Trump.

Poilievre has been an active supporter of digital assets in the past but has been relatively silent on the topic recently.

In Canada, however, securities are a provincial matter, and without a securities regulator like the U.S. Securities and Exchange Commission, the next leader (and therefore prime minister) of the Canadian Liberal Party or Poilievre will have limited influence.

Instead, the Canadian Securities Administrators (CSA), an umbrella regulator made up of provincial regulators, will have more say in what happens next for cryptocurrencies.

One of the possible candidates to succeed Trudeau is Mark Carney (who has not officially announced his candidacy because the campaign has not yet begun). Carney comes from the Bank of Canada and served as the governor of the Bank of England. There is a lot to be said for cryptocurrencies and stablecoins.

He said in a speech at the Bank for International Settlements in 2021: "The core token of the programmable network must maintain the token value."

Carney also said that being strictly regulated Stablecoins are the only way for them to succeed if they are strictly regulated, "so what's the difference between them and CBDC?"