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Peter Schiff is ready to sell his bank for bitcoins

Peter Schiff is ready to sell his bank for bitcoins

Bitcoin critic Peter Schiff said he would also accept BTC payment if regulators allowed him to sell his Euro Pacific bank. Previously, his bank was shut down by regulators due to non-compliance with a series of requirements. 

As the banker tweeted, he is ready to sell Euro Pacific Bank at any price, even if it means accepting Bitcoin, a currency he can't stand, as payment. He also said he found a buyer to take over his bank for a total of $24.5 million. He wants the regulator to "authorize the planned sale so that customers are protected" and not "lose money in vain" through all the proceedings.

Note that Euro Pacific Bank was the focus of an international investigation into tax evasion and money laundering. Given this context, the Office of the Commissioner of Financial Institutions of Puerto Rico ordered to shut down Euro Pacific. The bank's suspension order reports that Euro Pacific had a net loss of about $751,000 in 2019 and a total loss of nearly $4 million. It is also noted that at the end of 2020, the bank had negative capital of $1.3 million, which rendered it insolvent.

Peter Schiff believes that government agencies are revenging him for criticizing excessive government taxation and regulation.

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