Russian customers

chocolatebar

Anyone know why Russians can't deposit their funds into Goldmoney?

RocketDog

I assume you mean people in Russia can't deposit funds? Cause I bet a Russian in the USA or Canada could...
Could be due to US/UN Sanctions. Russia has been trying to stay off the SWIFT system as well. Are Russian banks on the SWIFT system currently?

RocketDog

To answer my own question, Russian banks have been using the SWIFT system. They have also adopted an alternative to SWIFT called SPSF.
The UK attempted to ban Russia from SWIFT in 2014 but SWIFT refused to comply.
So I don't know why Russians can't deposit money in Goldmoney.

IrishGuy

@RocketDog @chocolatebar

May have something to do with this.

https://www.rt.com/business/russia-officials-foreign-assets-998/

RocketDog

Interesting article. I am guessing the reason is something like that.

chocolatebar

I don't think so. There is some legal term for a politically connected person (I've forgotten it) but they can still generally open accounts, companies, etc., overseas. I was curious about this because I was just wondering how easy it is for a regulator to ban Goldmoney holdings and then have Goldmoney force our accounts to be liquidated and closed. Really defeats the whole purpose of holding gold in the first place.

IrishGuy

@chocolatebar was thinking more on this.

It may be that Russia charges Vat on gold. Doubt Goldmoney want to start charging Vat and sending it to Russia.
Good news is they are looking at removing it.

https://sputniknews.com/business/201809071067821149-russia-may-abolish-gold-tax/

On your concern - it is far more likely that there will be bank bail ins and loss of lodged fiat than them going after Goldmoney and similar companies as gold is less than 1% of all investment.