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Home»Bitcoin»Battle For Venezuela’s $2 Billion Gold Reserve Continues, London Rules In Favor Of Opposition Leader Guaido Cryptocurrency
Bitcoin

Battle For Venezuela’s $2 Billion Gold Reserve Continues, London Rules In Favor Of Opposition Leader Guaido Cryptocurrency

July 31, 2022No Comments4 Mins Read
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venezuelan gold

Her Majesty’s High Court of Justice in England has determined that Venezuelan gold stored in the vaults of the Bank of England must be managed by Central Bank of Venezuela officials appointed by opposition leader Juan Guaido. The management of this gold reserve, made up of 31 tons of this precious metal, has been disputed since 2019 when Guaido asked the Bank of England to freeze these assets in order to avoid a possible sale.

London High Court rules in favor of opposition leader Juan Guaido

The saga of Venezuelan gold stored in the vaults of the Bank of England seems to be coming to an end. The High Court in London has determined that the management of the 31 tons of gold corresponds to Juan Guaido, the leader of the opposition who proposed an alternative government in the country in 2019.

According to the sentence, due to the recognition that the English government has of Guaido as interim president of Venezuela, the decisions of the country’s Supreme Court, which ignored Guaido’s right to manage this gold, were ignored. The judge said:

I have … concluded that Guaido’s advice succeeds: that the judgments of the Venezuelan Supreme Court are not likely to be recognized.

Guaido’s team viewed this as a victory and viewed the move as “a step towards protecting Venezuela’s sovereign gold reserves for the benefit of the Venezuelan people.” However, President Maduro’s government has prepared to appeal the decision, considering it an “unfortunate decision”. Even with this ruling, Guaido won’t be able to move that gold until the case is fully resolved.


Not your coffers, not your gold

The process involving the seizure of gold due to Guaido’s petition and the whole legal battle between the country’s two parallel governments originated worries on the confidence that third parties can have when they hold assets held abroad. The final decision will also determine how the UK government may adjudicate similar cases involving government disputes in the future.

Maduro’s government has been seeking to repossess these assets since 2020 when the Central Bank of Venezuela wanted to sell these assets to help people cope with the covid-19 pandemic, a request that has been refuse at the time. The institution declared:

The BCV remains concerned that the cumulative effect of the English Court’s judgments appears to grant a mere declaration by the British government recognizing as head of state a person without effective control or power over any part of that state.

What do you think of the Venezuelan gold saga of 31 tons? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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