UK High Court Refuses Nicolás Maduro’s Request For Venezuelan Gold

July 4, 2020      Jyoti Singh

The UK High court has invalidated the request of Venezuela’s de facto leader Nicolás Maduro for over $1 billion in Venezuelan gold stored at the Bank of England (BoE). 

A report by the BBC stated that the UK High Court has always considered the opposition leader Juan Guaidó as the President and therefore, it rejected Maduro’s plea for gold.

President Tussle Between Maduro And Guaidó 

In May 2020, while initiating legal proceedings to stake his claim on the gold, Maduro stated that it would be used to fight the country’s battle against COVID-19. But soon, his political rival Juan Guaidó spoiled the plan by claiming that since the year 2019, he is the acting president of the country.

Guaidó asked the UK government to dismantle Maduro’s request, as according to him, the de facto leader of Venezuela would use the gold for corrupt ends.

BoE took this issue to the UK High Court, asking it who do they consider the president of Venezuela. Presently, the court has released its decision in favour of Guaidó, but Maduro’s lawyers are now planning to appeal the decision.

The leadership struggle in Venezuela started in the year 2018. Although the opposition in Venezuela boycotted the elections, still Maduro was elected as President for the second time. Later while applying the constitution of county, Guaidó announced that he would act as an interim president of the country.

Countries Re-Establishing Bitcoin To Avoid Sanction

Currently, 50 countries around the world consider Guaidó to be the leader of Venezuela.

According to a report, many of the government administration in various countries have re-established Bitcoin and other cryptocurrencies to avoid sanctions.

The citizens of those countries have also shifted to Bitcoin, and have started their business in those countries who support cryptocurrencies.

Venezuela also supports cryptocurrencies, even its central bank holds Bitcoin and Ethereum. The citizens of the country are allowed to pay for their passport through Bitcoin.

Articles You May Read.

Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.