Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Bitcoin skeptic Peter Schiff will sell troubled Euro Pacific Bank for BTC if regulators let him – Featured Bitcoin News
Peter Schiff says he will sell his bank, Euro Pacific, for bitcoin if Puerto Rican regulators allow him to sell it. “My bank was not placed in probation for being insolvent. It was put there for being undercapitalized, “said the bitcoin skeptic.
Peter Schiff says he is willing to sell his bank for Bitcoin
Bitcoin skeptic and gold bug Peter Schiff is still trying to sell his bank, Euro Pacific. However, the commissioner of financial institutions in Puerto Rico, also known as the Oficina del Comisionado de Instituciones Financieras (OCIF), has suspended the operation of its bank due to its “gross non-compliance with the minimum capital requirements.”
Schiff claims that he already has a buyer for the bank in line, but the regulator will not let him sell it.
On Friday, he was asked on Twitter if he is willing to sell his bank for bitcoin. Schiff, who has been a vocal bitcoin skeptic, replied: “In fact, yes, I would sell the bank for anything if regulators let me sell it.”
“I am committed to working with the Banking Commissioner of Puerto Rico to resolve the capital issues with my bank for the benefit of all the bank’s customers,” he stressed.
Schiff has been tweeting about the bank’s situation constantly since it was suspended by the Puerto Rican regulator.
He has claimed that there is no evidence of crime in the bank, and noted that if the commissioner only wanted to approve the sale, customers could withdraw all their money now.
Schiff clarified in a tweet on Friday: “My bank was not put in the estate for being insolvent. It was put there to be undercapitalized, without capital. My bank has about $ 2 million in capital, no debt, no loans and enough cash to repay all the depositors in full. The buyer was to add $ 7 million in capital. “
Schiffgold, another company he owns, has been accepting bitcoin since 2014. According to the website, the company also accepts a number of other cryptocurrencies through Bitpay.
While he will accept bitcoin for his bank, Schiff continued to criticize the cryptocurrency. He also tweeted on Friday:
With bitcoin, you do not have to worry about your bank being closed, you just have to worry about your bitcoin crashing in market value.
What do you think about the situation in Peter Schiff’s bank, Euro Pacific,? Let us know in the comments section below.
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