US approves bitcoin futures but Brits plan regulatory crackdown

4th Dec 2017

Bitcoin suffered another gut-wrenching $US1000 dive early this morning following a report British authorities were launching a crackdown on cryptcurrencies.

Britain’s Telegraph newspaper reported the Treasury department had disclosed plans to regulate bitcoin because of concerns it was being used to launder money and dodge tax.

The price of bitcoin slumped 10.9 per cent from a record high of $US11,845 to $US10,550 before bouncing back to $US11,294 at 11am Perth time.

British authorities reportedly plan to bring bitcoin trading in line with anti-money laundering and counter-terrorism legislation that govern other financial transactions.

On Friday a US federal regulator gave the go ahead to the CME Group to start trading bitcoin futures later this month, the first time the digital currency will be traded on a Wall Street exchange and subject to federal oversight.

The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures from December 18, the company said.

The Commodities Futures Trading Commission, the primary regulator for exchanges like the CME, gave approval for the exchange to create bitcoin futures after six weeks of discussions.

The price of bitcoin futures will be based on the price the digital currency is going for on four major bitcoin exchanges — Bitstamp, GDAX, itBit and Kraken.

Due to its volatility, bitcoin futures will be subject to higher margin levels and intraday price limits, the CME said.

 

 

source/read more: https://thewest.com.au/business/money/us-approves-bitcoin-futures-but-brits-plan-regulatory-crackdown-ng-b88679798z?utm_content=buffer5ba8c&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

Leave a Reply

Your email address will not be published. Required fields are marked *

SPAM/MORON CHECK: * Time limit is exhausted. Please reload CAPTCHA.