ICYMI: Peter Schiff says he would sell his troubled Euro Pacific Bank for Bitcoin if such a deal were approved by the regulator BTC $BTC
. Despite his dislike of cryptocurrencies, if such a deal were approved by the regulator, he would agree to it, Schiff said. The economist argued his position with the fact that it is important for him, first and foremost, to protect the bank's clients.
Actually yes, I would sell the bank for anything if regulators let me sell it. My main goal is protecting customers.Schiff also agreed with another user that when dealing with cryptocurrencies, one does not have to worry about his bank being shut down but has to worry about Bitcoin collapsing in market value, the investor sarcastically noted.was stopped
for not complying with the net minimum capital requirements of Puerto Rican law. This event in turn led to the freezing of the bank's customer accounts. Schiff said regulators wanted to liquidate the bank for tax evasion and money laundering, even though the bank had no evidence of either. However, he also admitted that violations of the necessary requirements did occur, explaining that the bank was new to Puerto Rico and held less money than it should have. According to the crypto hater, running a small bank costs a lot of money, and the bank earned nothing from its operations.
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