The United States have officially recognized Bitcoin
The first permission to trade futures for bitcoin was received by the group of the Chicago Mercantile Exchange.
Image Source: http://www.Reuters.com
The US Commodity Futures Trading Commission officially authorized the start of trading bitcoin futures. This is reported by the agency Bloomberg. The first permission was received by the group of the Chicago Mercantile Exchange (CME Group Inc) and Cboe Global Markets Inc., which manages the Chicago Board Options Exchange (CBOE). According to the agency, the first auction can already take place on December 18, while at the exchange they say that they are ready to start "even now". In addition, you can buy binary options for bitcoin through a broker Cantor Exchange, which is part of the large financial company Cantor Fitzgerald, also received permission from the US authorities.
As the agency notes, at first the Commission on commodity futures trading will accurately monitor the trading. In addition, the authorities asked to pay close attention to trading bitcoin and the trading floors themselves, and in case of anything irregular - to immediately report. "Bitcoin is a virtual currency, it's a commodity that we have never encountered before. We expect tough monitoring from trading platforms", stressed the head of the commission, Christopher Giancarlo.
The agency points out that the trading floors could not apply for permission from the commission, but the market is so unregulated that it is in the general interest to create rules: the take-off of the virtual currency has warmed interest from institutional, large and classical investors. "The launch of futures will actually improve the market. This will make pricing more healthy, and will also create and improve the legislative base", CBOE President Chris Concannon said.
We are going Up with Bitcoin :)
Markets are indeed highly correlated, for better or for worse.
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To be able to tax it, they have to recognize it first.
True, but we all knew that it was inevitable anyway, right?
they are accepting their defeat lol
I disagree with that statement. Any government has A LOT to gain from proper and stable Blockchain/crypto regulations. It is a new economy that was born, with the potential to generate TREMENDOUS wealth for the governments that are on board in the form of tax revenues and future GDP growth across almost all industries that embrace and master/innovate blockchain tech.
The only governments that are absolutely terrified of crypto/blockchain are the very corrupt ones, where the oligarchic ruling class has a lot to lose if their countries' citizens move their wealth out of their complete control.
However, governments need to be very careful in implementing sound security measures when it comes to blockchain assets/instruments/currencies/etc. The irreversible aspect of blockchain transactions is a double edged sword. Also, it actually is in the governments' interest to blockchainize/tokenize their currencies; e-currencies are NOT exactly anonymous ;) Only cash is. Cryptocurrencies are easier to track for AML/CTF purposes, and actually help with recording/collecting taxes.
So beautiful! The paradigm shift commences.
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I think it's good news
I think it is a positive sign for the acceptance of cryptocurrencies as a whole, but it also opens the door for future market manipulation later on.
Manipulation, this is what we all fear
I think it's a good thing too - we need this kind of exposure to really drive demand. Before you know i t- they will be announcing BTC prices when they announce the major stock indexes.
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