World’s First Bitcoin Exchange Traded Product, Blockchain Analysis Software from Coinbase and Frozen Bank Accounts in China
World’s First Centrally Cleared Bitcoin Exchange Traded Product
The ETC Group will list the world’s first centrally cleared Bitcoin ETC. It will be deployed as BTCetc Bitcoin Exchange Traded Crypto (BTCE) on Deutsche Börse’s XETRA platform later this month.
The exchange traded cryptocurrency (ETC) tracks the price of Bitcoin and is 100% physically backed. It provides investors with a safe and transparent way to gain exposure to Bitcoin.
This ETC is approved by BaFin, the German Financial regulator. This structure gives investors several benefits over investing directly in Bitcoin.
They can buy and sell the ETC in the same way they would when trading conventional shares or ETPs. BTCE brings the CCP clearing standard to Bitcoin and cryptocurrency trading for the first time. Clearing through a CCP greatly reduces the counterparty risk when trading BTCE.
Source: Hanetf
Coinbase wants to sell blockchain analysis software to the IRS and DEA
The second news piece of this Crypto2Cash Chronicle caused commotion in the Bitcoin communities. Coinbase wants to sell blockchain analytics software to two U.S. government agencies, according to public documents.
Records obtained by The Block show that the U.S. Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS) intend to buy licenses from Coinbase for an analytics platform called Coinbase Analytics.
The Block reached for comment to a Coinbase spokesperson. He replied:
“The information offered in Coinbase Analytics has always been kept completely separate from Coinbase internal data,”
However, the community responds with #deletecoinbase on Twitter, not believing these words regarding their privacy.
Chinese Police Freezing OTC Traders’ Bank Accounts
Thousands of cryptocurrency over-the-counter merchants and their clients may have been affected as police in China freeze bank accounts.
Some Chinese crypto buyers and sellers and OTC market makers have already had accounts frozen. The reason? Their transactions may have been contaminated by money-laundering activities involving cryptocurrencies.
This news explains how important the future of bitcoin is, being a self-souvereign currency.
It’s unclear at this stage which precise case the Chinese police are investigating that’s prompting the widespread freezes. But Sun detailed in a longer follow-up post on Friday that the usual causes include telecommunication frauds, Ponzi schemes and casino businesses.
For those whose accounts have been frozen, Sun (a entrepreneur who started an OTC desk) said they would need to reach out to the relevant law enforcement agency to provide evidence they are an innocent victim. The time it would take to unfreeze the accounts would also depend on the severity of the case, he said.
Source: Coindesk
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