Several cryptocurrency experts have slammed the recent decision by the Bank of England to deny Nicolas Maduro government's request to return the state's gold reserve to Venezuela, as a blatant case of the bank refusing to return assets belonging to the client.
Philip Nunn, the CEO of Wealth Chain Capital that provides services for investments in cryptocurrencies, noted that it was totally unfair of the UK to refuse to return the gold, which rightfully belongs to Venezuela.
Venezuela’s Maduro Denied in Bid to Pull $1.2 Billion in Gold From Bank of England…— Phillip Nunn 🚀 (@PhillipNunnUK) January 25, 2019
The US putting pressure on.
Do you think it’s fair that Venezuela can’t have the gold that’s rightfully theirs????
This is why change WILL happen. And world be a better place.
Another cryptocurrency expert, Anthony Pompliano, one of the founders of the Morgan Creek Capital Management hedge fund, also slammed the Bank of England's actions and noted that it's a vivid example of why the world needs an "uncensorable, unseizable" cryptocurrency.
Venezuela just tried to withdraw $1.2 billion of their own gold out of the Bank of England.— Pomp 🌪 (@APompliano) January 25, 2019
They were denied this request by the bank.
If you don’t think uncensorable, unseizable money is going to become the standard, you’re absolutely nuts.
Long Bitcoin, Short the Bankers!
A market analyst writing for German newspaper Die Welt, Holger Zschaepitz has labelled the case as further proof to keep gold reserves in the country itself, not in foreign banks.
Rule number 1: Always store #gold reserves in your own country: Nicolas Maduro’s embattled Venezuelan regime was denied in its bid to pull $1.2bn worth of gold out of the Bank of England. US lobbied U.K. officials to cut off the Maduro regime. https://t.co/LLoqjzETSn pic.twitter.com/ufIk3YQzXD— Holger Zschaepitz (@Schuldensuehner) January 26, 2019
The Bank of England recently refused to give Venezuela back $1.2 billion worth of gold, which is a significant part of the country's $8 billion gold reserves. It's unclear where the rest of it is being kept.
The UK Foreign Office has refused to comment on the decision, stating that it was "a decision for the Bank of England, not for government". At the same time, the Foreign Office noted that many states question the legitimacy of Nicolas Maduro and recognise Juan Guaido, who called the Bank of England's decision a protection of Venezuelan assets.
The rejection takes place amid US efforts to cut Maduro's government off from its foreign assets. Last week, Washington and several other western states recognised Juan Guaido as the interim president of Venezuela after he was appointed to the post by the currently non-functioning National Assembly. Russia, China, and Turkey, have vowed to back the legal government of President Nicolas Maduro.