Bank of England Withholds Venezuelan Gold Citing Fears of Liquidation for Private Gain
The Bank of England (BoE) has reportedly denied Venezuela access to its own gold reserves due to the concerns surrounding the Venezuelan government’s corruption.
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.
The United States had already targeted Venezuelan’s gold mobility, recently sanctioning against the Venezuelan gold industry, as it was identified that the Venezuelan government was using its gold to carry out illicit transactions.
England’s denial of access to Venezuela is a fitting episode in what has been an unbelievably disastrous economic stretch. It is well known that their currency is expected to experience a staggering amount of inflation, and the government is failing to keep the country afloat.
The country is set up for an ugly conclusion to the Maduro arc, as his corruption is plainly out on display.
This very situation is at the heart of the bitcoin philosophy and technology. Bitcoin cannot be censored, and it cannot be stopped so long as there is legitimate dedication by its users to keep it going.
The tired out phrase “be your own bank” shouldn’t even need to be advertised to a government of any legitimacy, but in the case of Venezuela, it would have served them well to have done so.
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