The government controls on the traditional banking system also apply to custodial cryptocurrency services.

Things are getting pretty wild up in Canada. While other countries are removing their COVID restrictions, our neighbors to the north have decided to invoke emergency powers to seize the bank accounts of those who oppose lockdowns and mandates. Meanwhile, state media is prowling through a hacked database of convoy donors (isn’t that a bannable offense on Twitter?) to dox and open targets to harassment.

Financial deplatforming has always been a threat, but it’s mostly been a remote one. With these unprecedented banking punishments against the Canadian trucker convoy and its supporters, the reality of the controls baked into our financial system have become clear to the world.

Yes, “bitcoin fixes this.” But it’s not as simple as repeating this mantra. It is absolutely possible to transfer value directly with a peer without any bank or government being able to stop or reverse it. But it’s not easy. Preparing for an explicitly politically controlled financial system means learning now about how to use cryptocurrency and what controls the government still has over certain service providers.