13 Nov UK Bank Holds Venezuela’s Gold Hostage – Bitcoin Users Unaffected
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Venezuela, where bitcoin trading is at an all-time high and the socialist government has issued its own cryptocurrency amid record-breaking inflation and other economic woes, has been denied access to its own gold reserves by the Bank of England. The justification used for denying the country’s request to repatriate 14 tons of gold, worth about $550 million, is that there are fears that Nicolas Maduro, president of the United Socialist Party of Venezuela and the country at large will liquidate the gold for private gain.
Bank of England Refuses to Allow Venezuela to Repatriate Gold
The gold is state property and in a sane economic model would back its failed currency. For its part, the Venezuelan government is also motivated by fear — fear that US sanctions on the country would result in freezing or even outright seizure of the gold. The news comes on the heels of Donald Trump’s additional sanctions on the Venezuelan gold industry. While…
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