The Battle for the $2 Billion Venezuelan Gold Stash Continues, London Rules in Favor of Opposition Leader Guaido

The Battle for the $2 Billion Venezuelan Gold Stash Continues, London Rules in Favor of Opposition Leader Guaido

Her Majesty’s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. The management of this gold stash, which is comprised of 31 tonnes of this precious metal, is in dispute 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 the Venezuelan Gold stored in the vaults of the Bank of England seems to be nearing its end. The High Court of London has determined that the management of the 31 tonnes of gold corresponds to Juan Guaido, the opposition leader that proposed an alternate government in the country back in 2019.

According to the sentence, due to the recognition that the government of England has of Guaido as interim president of Venezuela, the rulings of the Supreme Tribunal of the country, which disregarded Guaido’s right on managing this gold, were ignored. The judge stated:

I have … concluded that the Guaido Board succeeds: that the Venezuelan supreme court judgements are not capable of being recognized.

Guaido’s team considered this a victory, and considered this decision a “step towards protecting Venezuela’s sovereign gold reserves for the benefit of the Venezuelan people.” However, the government of President Maduro prepared to appeal this decision, considering it an “unfortunate ruling.” Even with this decision, Guaido will not be able to move this gold until the matter is fully resolved. Not Your Vaults, Not Your Gold

The process involving the seizure of the gold due to Guaido’s petition and the whole judicial battle between the two parallel governments of the country has originated worries about the trust that third parties can have when possessing assets held in foreign countries. The final ruling will also determine how the British government might rule in similar cases involving government conflicts in the future.

The government of Maduro is seeking to repossess these assets since 2020 when the Central Bank of Venezuela wanted to sell these assets to aid the population to deal with the covid-19 pandemic, a request that was denied at the time. The institution stated:

The BCV remains concerned that the cumulative effect of the judgments of the English Court appears to accord a simple statement by the UK Government recognizing as a head of state a person with no effective control or power over any part of that state. Tags in this story Central Bank of Venezuela, COVID-19, gold, High Court of London, Juan Guaidó, Nicolas Maduro, pandemic, Venezuela

What do you think about the 31-tonne Venezuelan gold saga? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Report: The Central African Republic Requests Regional Central Bank"s Assistance in Crafting Crypto Regulations EMERGING MARKETS | 14 hours ago Report: IMF Warns Kenyan Central Bank Against Introducing a CBDC That Harms Fintechs and Banks EMERGING MARKETS | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSurvey That Asks if The Merge Could Cause an Ethereum Chain Split Sparks PoS Delay Discussions Next articleAave DAO Approves the Launch of a Collateral-Backed Stablecoin Called GHO Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design