In case you think the idea of a government reclaiming your money is only fiction fit for Hulu – check out a few recent examples:
SMH June 10, 2014
“The federal government has bagged an unprecedented $360 million from household bank accounts since a controversial change to unclaimed money laws, Australian Securities and Investments Commission figures show. Pensioners and others saving for a rainy day have reported trying to access their savings only to discover their money had been seized by the government because it had been dormant for three years or more.”
The Daily Telegraph, Dec 15, 2016
“The Turnbull Government is about to pocket a $220 million revenue windfall by seizing control of an estimated 100,000 super accounts.”
BBC News, March 16, 2013
“Robbery; People in Cyprus with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%, Eurozone officials said. Those with greater sums will lose 9.9%.
‘We retire and bring our savings to a bank in Cyprus and they can just take our money away without permission and then say we have shares in a bankrupt bank.’”
Think Bullion is any better?
Part IV of the Banking Act 1959 gives the Government the right to control and seize gold.
Markets and Money, November 18, 2016
“One interesting clause though, is Section 47. Apparently ‘wrought’ gold is not included in the any gold confiscation plan. The loose legal language implies that jewellery and gold ornaments are exempt from any wealth stealing. The loophole means that the government may take bullion and coin, but not the chain around your neck. If you’re worried about the government coming after your bullion stash one day, buy necklaces this Christmas. Because the Aussie government already has laws in place to take all the gold bullion it wants.”
No individual, government or corporation can seize your Bitcoin!
Bitcoin Trader is a personalised cryptocurrency brokerage firm catering to individual, corporate, institutional and SMSF clients. The company is incorporated in Australia, with established global partners providing access to high liquidity and multicurrency settlements. Our core focus is on safe, secure and compliant cryptocurrency investment, divestment and portfolio reallocation.
Disclaimer: This content is for informational purposes only. It does not constitute investment or financial advice. Any information, material or commentary is intended to provide general information only. Information contained in this document has been obtained from sources believed to be reliable, but BT Brokerage Services Pty Ltd trading as Bitcoin Trader, makes no representation as to its accuracy or completeness. Before acting on any information contained in this document, each person should consider its appropriateness having regard to their own or their clients’ individual objectives, financial situation and needs. You should obtain independent taxation, financial and legal advice relating to this information and consider it carefully before making any decision or recommendation.