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Citigroup Reveals Plans To Issue Receipts For Crypto Trading

Published: 10/09/2018

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What is it for?

The representatives of Citigroup, an international banking corporation, announced their plans to issue receipts for cryptocurrencies, Business Insider reports.


Clients of the bank will be able to trade cryptocurrencies even if they don’t own them. Digital asset receipts will function in a manner comparable to depositary receipts, which allow depositors to trade with securities which aren’t represented in American markets. In this case, cryptocurrencies will be stored in a particular custodian bank.


Currently, it is impossible to predict the SEC’s reaction to the new banking instrument. As a rule, commissars are skeptical about new banks’ products related to cryptos.


At the end of August, the SEC officials refused nine companies to open bitcoin exchange-traded funds (ETF). Despite the fact that a few days later they decided to reconsider their verdict, there is no certainty that the Commission will cooperate with banks. Another refusal was related to the bitcoin exchange-traded notes pegged to the dollar and presented by XBT Provider AB.


After another decision made by SEC, the Winklevoss brothers, the founders of the Gemini exchange, announced the creation of the Virtual Commodity Association, which will help in developing of solutions for the crypto industry regulation. Many interested participants of the crypto market have already joined this initiative.


Earlier, Martin Chavez, one of the leaders of the American investment bank Goldman Sachs, denied the reports about the bank's refusal to launch cryptocurrency trading.

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