Bitcoin Receives Support from the Libertarian Party of Canada

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Bitcoin Receives Support from the Libertarian Party of Canada
Bitcoin Receives Support from the Libertarian Party of Canada

Bitcoin Receives Support from the Libertarian Party of Canada

The Libertarian Party of Canada issued a press release wherein it asked for donations in Bitcoin; this was a tacit support for the revolutionary currency making great waves around the world. The political party declared that accepting donations in Bitcoin (BTC) is a right move to support the cause of minimum government.

The release cited that the most significant advantages of Bitcoin are that the amount of Bitcoin is finite, and the software is open source i.e. anyone can read and understand exactly how the software works.

The Libertarian Party of Canada that stands for reduced responsibilities and expense of government advocates for Bitcoin as the organization considers that it cannot be expanded like all current day government currencies.

According to the Canadian political party, “Expanding currency, also called ‘quantitative easing’ or ‘inflation’ is the worst way that government makes money – the other two are through taxes and borrowing.” However, as Bitcoin is limited in circulation, there is no such likelihood. Also, there is no governmental interference in Bitcoin production or circulation.

Bitcoin Fits the Political Agenda of the Party

The Libertarian Party of Canada stands for minimum government and considers that the only proper role of government, in the context of trade and economy is to protect property rights, enforce contracts, and adjudicate disputes, providing a legal framework for the protection of voluntary trade. It firmly believes that quantitative easing can cause havoc to lower income people.

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Supporting Bitcoin, the political party believes that as ‘quantitative easing’ causes inflation that hurts lower income families the most, however, as the virtual currency is in limited circulation is an apt solution. The release from the Libertarian Party of Canada says that the Bank of Canada is continually expanding the supply of Canadian dollars which is continually losing value.

The Libertarian Party of Canada Also Supports the Right to Produce Coinage

The release further says that as the dollar is devalued, the price of goods and services tend to go up, resulting in an insidious tax on the productive working citizen. Apart from supporting Bitcoin, the Libertarian Party of Canada also supports the freedom of any individual or group to own gold or any other commodity of exchange, as well as the right to produce coinage and issue currency.

The political party considers that Bitcoin is an option that Canadians should be free to use in financial exchanges, free from all governmental regulatory meddling.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com