Do you want to buy a bank? Peter Schiff will accept bitcoin payment for his recently closed Euro Pacific Bank if the Puerto Rico regulators would let him.
In an ironic move, Schiff, a known bitcoin skeptic, is now suddenly open to selling his troubled bank with the digital asset as payment. Answering a query on Twitter, the banker said he would sell “for anything” as his main goal is “protecting customers.”
Hours before the tweet exchange, Schiff has just taken a dig at the bitcoin winter after a user suggested that he should open his mind to the digital asset. Prior to that, he made numerous references to bitcoin and its supposed volatility.
Puerto Rico’s Office of the Commissioner of Financial Institutions issued a cease-and-desist order against the bank based on inadequate capital levels and compliance controls.
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Schiff however lamented that the regulators did not allow the potential sale of the bank to go through, instead saying he just “wanted out.” He claims the regulators have a supposed contention on him still owning 4% post-transaction of the proposed sale.
The Puerto Rican move is said to be part of the larger investigation launched by the Joint Chiefs of Global Tax Enforcement in 2018 as a response to the leaked Panama Papers. The so-called “J5” is composed of tax regulators from the United States, Australia, Britain, Canada, and the Netherlands One of the key investigations by the task force is Euro Pacific as a suspected vehicle for tax evasion and money laundering.
But Schiff has consistently belied these allegations, saying that the J5 investigation actually “found that Euro Pacific Bank had excellent compliance protocols” but instead “pressured regulators to shut it down.”
Despite Schiff claiming that the bank has enough capital and “enough cash to repay all depositors in full,” it was temporarily halted by Puerto Rico regulators for having inadequate capital levels. He has since then been stressing his point that the potential sale would have addressed the inadequate capital issue.
The future of EuroPac and its depositors is currently unclear. But one thing’s for sure: Peter Schiff does not mince his words.
Information for this briefing was found via Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
