Less than a week ago, the Government of the United Kingdom ‘unlocked’ £150 million from dormant accounts to help tackle the coronavirus pandemic. While it may look like a noble act on the surface, in reality, it reveals that governments, in collaboration with banking institutions and regulations, can easily lay a hand on private property.
According to an official announcement on the website of the UK Government, authority “unlocked” £150 million from dormant accounts “for coronavirus response.”
Despite the word selection, to many, this sounds much like the Government seized this amount from accounts that were inactive over a certain period.
This all is made possible under the so-called Dormant Asset Scheme in the UK, which is planned to expand its purview over a “range of financial assets.”
An interesting take on this is provided by a recent report from Zero Hedge, which outlines that this scheme steps on the principles of laws that were prevalent back in feudal times. Among the main issues with that, apart from the fact that the Government has a legal claim over private property, is the fact that the “dormant bank account” rules can be “incredibly loose.”
“In many jurisdictions, for example, simply having some savings stashed away in a bank account that doesn’t have any other activity can put your funds at risk of being seized.” – Reads the report.
In this particular case, the funds were used to aid the battle against the spreading coronavirus. However, the main question is whether or not the end justifies the means.
“They’re wiling to do whatever it takes, spend whatever it takes, print as much money as it takes, and yes, even confiscate people’s private property, to rid the world of the virus. This is our new reality: medieval serfdom.” – Concludes the report from Zero Hedge.
Bitcoin can’t be seized as easily as money resting in a bank account. While in theory, authorities can lay hands on your bitcoins, it’s a lot harder because it requires cooperation not from a third party, but from the owner of the property – in this case, bitcoins.
No one can crack your private keys wide open as easily as a bank can freeze or seize your assets. This is why Bitcoin is much harder to confiscate, if at all possible, compared to traditional assets.
While many might argue that the Government is seizing dormant assets for “good causes,” this doesn’t automatically devalue the argument that anyone should have a claim over your private property for reasons as dull as “inactivity.” Otherwise, is it really your private property?