Venezuelan President Gets Rekt'd as Bank of England Won't Return its Gold Worth $1.2 Billion

Venezuela is going through an economic crisis and hyperinflation and now country’s President Nicolas Maduro, in his efforts to hold onto his plunging cash pile has been trying to pull the $1.2 billion worth of gold out of the Bank of England.

But the bank has denied Maduro Official’s requests after the top US officials including National Security Adviser John Bolton and Secretary of State Michael Pompeo lobbied their UK counterparts to cut off the deal, reported Bloomberg.

The UK is now actually following other countries in recognizing the National Assembly leader Jun Guiado as the legitimate president of Venezuela after Maduro who is an authoritarian ruler refuses to give up power. Maduro who has has been overseeing the country’s collapse into crisis.

The $1.2 billion of gold is a big chunk of $8 billion of foreign reserves held by the central bank of Venezuela. The US officials are now trying to steer the overseas assets of Venezuela to Guiado to help him take control of the govt.

Political Pressure

According to the recent CNBC report, the gold holdings of Venezuela in the Bank of England have jumped after it closed a deal with Deutsche Bank. In December, Venezuela's holdings in the ban doubled to $1.3 billion after Venezuela returned the borrowed funds from Deutsche Bank AG.

Since last year, the government of Nicolas Maduro has been seeking to repatriate $550 million in gold from the bank of England on the fears of that the gold could be caught up in the sanctions on the country.

The Bank of England has been facing political pressure from the British parliament and Venezuela’s opposition to not assist Maduro. Now, losing the gold would be a blow to the country's finances. Also, by refusing to hand over the gold, this can cause an alarm among the countries that store their own gold with the Bank of England.

Maduro says his govt. is a victim of an “economic war” that is led by the opposition and the sanctions put by the US.

According to Ricardo Hausmann, a Harvard economics professor and a critic of Maduro’s, “The first rule of business as we speak is to stop the Maduro government from liquidating international assets of the country and steal them,” quoted Bloomberg.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,441FansLike
2,795FollowersFollow
4,193FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex & Tether Class Lawsuit Revised; Adding Bittrex and Poloniex to Alleged BTC Price Manipulation

Revised lawsuit on Bitfinex’s alleged price manipulation of the market using Tether (USDT) during the 2017 bull run to $19,800 has added two...

‘Masked Hero' Calling to ‘Buy Bitcoin' Amidst the Peaceful Protests and Riots in the US

Bitcoin is taking an active part in the riots across America. People are protesting since last week over the death of George Floyd,...

DiversiFi, Formerly Ethfinex, Launches Its DEX 2.0 With Starkware; Processing 9,000 + TPS

Bitfinex sister decentralized exchange, DEX in short, DiversiFi, which relabeled from Ethfinex in August last year, announced a relaunch of their platform, now...

Bitcoin Difficulty Sees 2nd Largest Drop of 2020 to 9.29%; Hashrate & Price Continue to Dance

Today, the bitcoin network difficulty took a drop of 9.29% to 13.73 trillion, as per Coinwarz. This is the fourth downwards adjustment this year after...

Japan’s Top Banks Join Crypto Exchange-Led ‘Study Group' to Discuss Digital Payment System

Three Japanese banking industry heavyweights are joining arms in a study group to focus on digital payment settlement networks in the country. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today