- 20 Novembre 2018
- by Blogger
Venezuela, where bitcoin trading is at an ATH 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 BoE. 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 Venezuela will liquidate the gold for private gain. This 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 be advertised to any government, but in the case of Venezuela, it would have served well having done so. They should have sold their physical gold for digital gold well in advance of any sanctions.