United States authorizes bitcoin futures but Brits prepare regulatory crackdown

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Bitcoin suffered another gut-wrenching $US1000 dive early today following a report British authorities were launching a crackdown on cryptcurrencies.Britain’s Telegraph newspaper

reported the Treasury department had disclosed plans to manage bitcoin due to the fact that of concerns it was being utilized to launder money and evade tax.The rate of bitcoin slumped 10.9 per cent from a record high of $US11,845 to$US10,550 before recovering to $US11,294 at 11am Perth time.British authorities supposedly plan to bring bitcoin trading in line with anti-money laundering and counter-terrorism legislation that govern other financial transactions.On Friday a United States federal regulator offered the go ahead to the CME Group to begin trading bitcoin futures later on this month, the very first time the digital currency will be traded on a Wall Street exchange and topic to federal oversight. The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures from December 18, the business said. While bitcoin’s cost has sky soared, professionals alert it will not hold its value.While bitcoin’s cost has sky soared, experts warn it will not hold its value.The Commodities Futures Trading Commission, the primary regulator for exchanges like the CME,

offered approval for the exchange to produce bitcoin futures after six weeks of discussions.The cost of bitcoin futures

will be based upon the rate the digital currency is going for on 4 major bitcoin exchanges

— Bitstamp, GDAX, itBit and Kraken. Due to its volatility, bitcoin futures will be subject to greater margin levels and intraday cost limitations, the CME stated.

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