As you know, this is not new, we have been following with great interest the news of the Youtube channel Only The SAVVY for quite some time now because we know that its content is particularly appreciated by our community. We think you'll find this video interesting, so we decided to make this post today.
Indeed, the Youtube channel Only The SAVVY has decided today to post a new video which is called "Peter Schiff's Euro Bank SUSPENDED By Puerto Rican Officials". Of course, you can now find it in full playback on our site for your greatest pleasure!
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For your information, you can find below the description of the video Peter Schiff's Euro Bank SUSPENDED By Puerto Rican Officials published by the Youtube channel Only The SAVVY:
One of the biggest Bitcoin pessimists, Peter Schiff, has been screaming from the mountain top that Bitcoin has no intrinsic value and is going to zero. In a turn of events, the bitcoin antagonist has possibly indirectly given reason to the real value of Bitcoin. Office of the Commissioner of Financial Institutions of Puerto Rico (OFIC) announced on June 30 that it has issued a “Complaint and Cease and Desist Order” and a “Temporary Order Designating Trustee” against Euro Pacific Intl. Bank Inc. The OFIC stated;
“The order mandates the suspension of Euro Pacific’s operations … due to its crass noncompliance with the minimum capital requirements,”
“Further, the order imposes on Euro Pacific administrative fines totaling $765,000.00 for various violations to the laws and regulations administered by OCIF.”
The regulator elaborated:
“Euro Pacific’s serious insolvency situation constitutes sufficient legal justification for OCIF to undertake the administrative action announced today.”
Peter Schiff took to Twitter to confirm the mandate and to plead his innocence. Schiff tweeted out;
Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.
Euro Pacific Bank has posted a notice on its website, stating: “We are complying by pausing transactions until at least July 7, 2022, in order to review their request.”
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