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| March 23, 2019

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Court Approves Release of Ex-Nissan Boss After 4 Months

March 5, 2019 |

The Tokyo District Court approved the release of former Nissan Chairman Carlos Ghosn on 1 billion yen—$ 8.9 million—bail on Tuesday, ending nearly four months of detention. The acceptance of Ghosn’s request for bail, his third, came a day after one of his lawyers said he was confident…
Newser

CNN

Pakistan to release captured Indian pilot as ‘peace gesture,’ Prime Minister says

February 28, 2019 |

In an attempt to defuse mounting tension and days of military escalation between nuclear neighbor India, Pakistan’s Prime Minister Imran Khan announced the upcoming release of a detained Indian pilot at the center of the crisis.
CNN.com – RSS Channel – World

Jussie Smollett Shot Empire Scenes After Release: Sources

February 22, 2019 |

After being released on bond Thursday, Jussie Smollett quickly returned to the set of Empire , sources tell the Hollywood Reporter . Fox officials released a statement after Smollett’s arrest that they were “evaluating the situation and … considering our options,” and sources say those options include keeping Smollett’s character in the script…
Newser

‘New evidence’ prompts release of two men questioned in Jussie Smollett case, Chicago PD says

February 16, 2019 |

Citing “new evidence,” the Chicago Police Department announced Friday night that two men held for questioning in connection with an alleged attack on “Empire” actor Jussie Smollett have been released, with no charges filed against them.
FOX News

Lawyer: ICE to Release Grammy-Nominated Rapper

February 13, 2019 |

It’s too late for him to attend the Grammys, where he was nominated for two awards, but lawyers for Atlanta-based rapper 21 Savage say they have secured his release from immigration custody. The 26-year-old, whose real name is She’yaa Bin Abraham-Joseph, was arrested Feb. 3 and many fans were surprised…
Newser

Batman to get 2021 release with a much younger Bruce Wayne: report

January 31, 2019 |

Ben Affleck will be passing the baton to a new actor to play Batman in the planned 2021 release, according to reports. 
FOX News

Bank’s Refusal to Release $1.2B of Venezuelan Gold Strengthens the Case for Bitcoin

January 26, 2019 |

Bank's Refusal to Release $  1.2B of Venezuelan Gold Strengthens the Case for Bitcoin

Venezuela’s economic crisis is impossible to ignore. President Nicolás Maduro’s attempt to withdraw $ 1.2 billion of the country’s own gold from the Bank of England (BoE) has been rejected. The notion of a sovereign state being denied access to its own wealth is a concept that’s hard for bitcoiners to countenance. One thing is certain: the case for storing wealth in censorship-resistant cryptocurrency is becoming stronger.

Also Read: Venezuelan President Raises Petro’s Value Again in Bid to Create ‘New System’

How the Venezuelan Political Situation Escalated

Bank's Refusal to Release $  1.2B of Venezuelan Gold Strengthens the Case for BitcoinIn order to understand the Bank of England’s (BoE) decision to deny Venezuela its gold, a brief history lesson is required. How did one of the most oil-rich nations on earth end up on the brink of collapse? Since 2016, political discontent in Venezuela has been fueled by increasing hyperinflation, power cuts, shortages of food and medicine. Gold is a crucial part of Venezuela’s foreign reserves.

One huge turn of events involves the disputed presidency in Venezuela. Maduro was elected in April 2013 after the death of Hugo Chávez. In the meantime, Juan Guaidó has declared himself acting president despite Maduro being re-elected to a second six-year term in May 2018, which most opposition parties boycotted. On Jan. 26, the UK foreign secretary Jeremy Hunt said that the U.K. will also recognise Guaidó as the interim president of Venezuela if fair elections are not announced within eight days.

Hunt tweeted:

 

Cryptocurrency has already played an important role in this crisis. To counter escalating hyperinflation in February 2018, Maduro announced the launch of a state-backed cryptocurrency, the petro. During the launch, he is quoted as saying: “Venezuela makes history! Today we take a step forward with the launch of petro as a national currency and platform for strengthening our financial sovereignty.”

Absurd Issues Around BoE Transferring the Gold

Bank's Refusal to Release $  1.2B of Venezuelan Gold Strengthens the Case for BitcoinThe BoE is one of the largest physical gold custodians in the world. Data published by the London Bullion Market Association (LBMA) states that around 7,500 tonnes of gold was held in London in March 2017, the equivalent of 596,000 gold bars. Previously it was reported that the refusal to return the gold was due to insurance related reasons. Now it is evident that the BoE’s decision to withhold the gold is political. In a November article, Reuters quotes an unnamed official as saying:

The plan has been held up for nearly two months due to difficulty in obtaining insurance for the shipment, needed to move a large gold cargo.

The U.K. has legitimate concerns and reasons for not releasing the gold. According to Bloomberg reports, Ricardo Hausmann, a Harvard economics professor and long-time critic of Maduro, has stressed that the first rule of business is to stop his government from liquidating international assets belonging to the country and stealing them.

The Gold Repatriation Trend

Gold repatriation occurs when governments choose to bring home their gold stored outside of their country. Over the years, this has become a growing trend which raises questions as to whether something is brewing that might have compelled them to initiate the move. Fears that certain states might confiscate gold bullion, for example, could be a trigger.

Prior to Venezuela requesting gold bullion back from the BoE, the German central bank completed the move of 674 metric tonnes from the vaults of the Federal Reserve Bank of New York and the Banque de France three years ahead of schedule. Last year Turkey joined the ranks of Germany and Hungary as the latest country to repatriate gold to its soil, according to reports from the country’s media. 

The Case for Crypto Increases 

Bank's Refusal to Release $  1.2B of Venezuelan Gold Strengthens the Case for BitcoinBitcoin is backed by mathematics instead of state governments. It is possible that the recent sanctions and fear around physical gold could have been avoided if wealth had been held in the form of digital assets that can’t be censored or frozen by any third party.

In a recent interview with news.Bitcoin.com, Kai C. Chng, CEO of Digix, an asset tokenization company, explained how precious metals have always been a historic safe haven in times of economic uncertainty and are largely resilient to the fluctuations of international monetary markets. In times of crisis, this could change as people look for alternatives. “Should a global recession impact the purchasing power of traditional currencies, for those who already understand the benefits presented by cryptocurrency, we would expect to see increased interest in owning bitcoin, while those who are currently ill-acquainted with the cryptocurrency market are likely to show new interest in entering the space,“ said Chng. 

Today, nearly 90 percent of Venezuelans are living in poverty. It seems Venezuela will remain immersed in a grave political crisis and economic war, with millions of innocent people poised to suffer as governments squander funds. In these desperate times, Bitcoin seems less like a bold experiment and more like a lifeline.

Should the Bank of England return the gold bullion to Venezuela? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Bank’s Refusal to Release $ 1.2B of Venezuelan Gold Strengthens the Case for Bitcoin appeared first on Bitcoin News.

Bitcoin News

Democrats demand details of Trump plan to release mortgage giants from federal control

January 26, 2019 |

Congressional Democrats, concerned the Trump administration is going it alone to pursue sweeping changes to housing finance policy, demanded more details on reports that the Treasury Department is formulating a plan to release Fannie Mae and Freddie Mac from federal control.

The scrutiny from House…


L.A. Times – Business

Cops Release Care Facility’s Frantic Call to 911

January 13, 2019 |

The nation was shocked by news of a woman in a vegetative state giving birth last month at a Phoenix care facility. Now, audio of a panic-stricken 911 call reveals workers who seem not only shocked, but frantic: “We need help, please,” a nurse at Hacienda HealthCare tells the dispatcher…
Newser

Ex-Nissan chief Ghosn charged with breach of trust; release on bail unlikely

January 11, 2019 |

Nissan’s ex-Chairman Carlos Ghosn was charged Friday with breach of trust, according to the Tokyo District Court, making the star executive’s release unlikely for months.

Ghosn, arrested Nov. 19, was earlier charged with falsifying financial reports in underreporting his income by about 5 billion…


L.A. Times – Business