The IMF has expressed its concerns about the possible outcome of the confiscation of Russian assets abroad as a consequence of the ongoing military conflict between the nation and Ukraine. Julie Kozack, a spokesperson for the institution, called for these actions to have a proper justification to avoid threatening the world’s financial system. IMF Calls […]
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Messari CEO Criticizes US President’s Crypto Stance, Foresees ‘Mass Wealth Confiscation’ if Biden Gets Reelected
Recently, Messari’s founder and CEO, Ryan Selkis, has expressed strong opinions about the potential impact of a Joe Biden reelection on the cryptocurrency industry in the United States. On Thursday, Selkis voiced his concerns on the social media platform X, stating that a “second Biden term will lead to mass wealth confiscation and crypto seizures.” […]
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Bank of Russia Dismisses US Asset Confiscation Effects on Russia’s Economic Stability
The Bank of Russia has dismissed the effect that a future confiscation of Russian assets in the U.S. might have on the nation’s economic stability. Elvira Nabiullina, governor of the bank, stated that Russia has been diversifying its asset portfolio for many years and that the assets to be seized weren’t in use anymore. Bank […]
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Analysts: Confiscation of Russian Assets in the US Would Supercharge De-Dollarization
Analysts are pondering the effects of the approval of the Rebuilding Economic Prosperity and Opportunity (REPO) Act by the U.S. House. The execution of seizures for over billion of Russian assets held in U.S. institutions would “supercharge” the de-dollarization efforts of several nations. This is due to the possibility of having their assets seized […]
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Jim Rickards Blasts US Congress Confiscation Initiatives: ‘The Drive to Create New Currencies Will Go Into Overdrive’
Renowned economist and best-selling author Jim Rickards has warned about the effects of a new U.S. congressional initiative that proposes confiscating Russian assets to reimburse itself for the aid given to Ukraine. Rickards believes that, if passed, this legislation will alert the international community about the need for creating new currencies.
Jim Rickards Explains Confiscating Russian Assets Will Reinforce the Need for New Currencies
Jim Rickards, renowned economist and best-selling author, has alerted about the possible effects of confiscating Russian assets.
In one of his latest posts on social media, Rickards stated that enacting a new legislative initiative introduced this week to confiscate these assets to help Ukraine in its conflict, could alert the international community about the need for new currencies to the detriment of the U.S. dollar.
The “Make Putin Pay” Act was introduced on Wednesday by Georgia Rep. Rich McCormick and would snatch 0 billion from the 0 billion in Russian assets currently frozen in the U.S. to pay for the help already delivered to Ukraine.
Another 0 billion would finance Ukraine’s aid until the conflict ends. The move would ostensibly allow the U.S. to stop bankrolling Ukraine with its assets, as it has done since day one.
Rickards opposed McCormick’s legislation due to its potential unforeseen consequences, explaining the difference between freezing and confiscating assets. He stated:
Freezing assets is one thing. Confiscating them is another. If the U.S. goes ahead with the Republican call to steal Russian assets, the drive to create new currencies will go into overdrive.
Nonetheless, according to the bill, these actions are justified, as it stresses that “for the survival of Western civilization, the United States must continue to face authoritarian regimes head-on.” Furthermore, it declares that “the United States must continue to support Ukraine in a responsible and effective manner.”
New Currencies Ahead
Rickards is not the only one who has recently predicted that the continued abuse of the U.S. dollar will change the world’s economic landscape in the future.
Jeffrey Sachs, another American economist, is predicting that dollar hegemony will end during the next decade because the U.S. “became reliant on using the financial system for the sake of achieving geopolitical goals.”
To substitute the dollar, central bank digital currencies (CBDCs), digital versions of current fiat currencies, will become the basis of payments, per Sachs’ statements.
What do you think about Jim Rickards’ opinion on the U.S. confiscating Russian assets? Tell us in the comments section below.
Romanian Prosecutors Pursue Confiscation of $563K Bitcoin Stash Owned by Andrew Tate
Romanian prosecutors have officially submitted documents to the court, seeking the seizure of 21 bitcoin valued at 3,000 from Andrew Tate, a controversial social media influencer. The British-American ex-kickboxer, who gained a significant online presence, was charged with grave offenses of human trafficking and rape on December 29, 2022. Despite the charges, Tate vehemently denies all accusations leveled against him and his associates.
Luxury Cars, Watches, and Bitcoin: Prosecutors Target Andrew Tate’s Assets in Ongoing Legal Battle
According to a press release issued by Romania’s Directorate for the Investigation of Organized Crime and Terrorism on June 20, 2023, Andrew Tate, along with three co-defendants, has officially been indicted.
Tate, a polarizing personality recognized as a former world kickboxing champion, garnered attention as a prominent social media influencer on platforms like Twitter and Tiktok.
His involvement in a high-profile case emerged in December 2022 when he was apprehended as a suspect in a complex legal matter involving human trafficking and rape. The charges against him also encompassed the accusation of leading an organized crime group.
On April 3, 2023, Andrew Tate and his cohorts were released from incarceration and placed under house arrest. Presently, Romanian prosecutors have formally levied charges against Tate, accusing him of “committing the crimes of constituting an organized criminal group, [and] human trafficking.”
According to the allegations, Tate and his associates are purported to have deceitfully lured women into the sex trade, operating not only within Romania but also extending their activities to other nations.
The prosecutors are seeking the court’s authorization to confiscate Andrew Tate’s stash of bitcoin (BTC), estimated to be approximately 21.080 BTC, valued at just over 3,000 based on current exchange rates.
In addition to the crypto assets, law enforcement aims to seize a considerable number of luxury automobiles and watches, four of Tate’s operating companies, and multiple caches of cash consisting of U.S. dollars, European euros, and British pounds.
Furthermore, the prosecutors requested that Tate and his enterprise contribute upfront to cover some of the legal expenses. As part of the ongoing legal proceedings within the Bucharest court, prosecutors strongly advised that Tate and his associates remain under house arrest.
What do you think about the case against Andrew Tate? Share your thoughts and opinions about this subject in the comments section below.
Russia Prepares Law to Allow Cryptocurrency Confiscation
Federal agencies in Russia are reportedly developing proposals for confiscating cryptocurrencies by 2021. What could it mean for the countrynThe post Russia Prepares Law to Allow Cryptocurrency Confiscation appeared first on Bitcoin Magazine.n
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South Korean Court Declares Bitcoin Confiscation Illegal
n n n n South Korea has set an important precedent on what to do with digital currency used for illegal activities.n
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