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Wednesday, July 22, 2020

#CryptoCorner Episode 428: Grayscale Investments Approved to List Shares on OTC for BCH and LTC, Robinhood Postpones UK Expansion

#CryptoCorner Episode 428: Grayscale Investments Approved to List Shares on OTC for BCH and LTC, Robinhood Postpones UK Expansion

Point Roberts, WA, Delta BC July 22, 2020 -, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.

Listen to today’s Crypto Corner Podcast:  

Stocks discussed: (NYSE:ACN) (NYSE:HSBC) (OTC:SCGLY)

Grayscale Investments has received FINRA (Financial Industry Regulatory Authority) approval for shares of Grayscale Bitcoin Cash Trust and Grayscale Litecoin Trust for public quotation under the symbols BCHG and LTCN, respectively on OTC Markets. According to the press release, these are “the first publicly-quoted securities in the U.S. deriving value from Bitcoin Cash (BCH) and Litecoin (LTC).” The announcement indicates that trading won’t occur until both shares achieve compatibility with the Depository Trust Company (DTC).

There will be no trading volume in the Shares’ public quotations until the respective Shares are DTC eligible, which BCHG and LTCN are expected to receive soon.

The Banque de France, France’s central bank, has issued a statement listing eight candidates for testing CBDC (central bank digital currency) in interbank settlements. The list includes the likes of Accenture (NYSE:ACN), HSBC (NYSE:HSBC), Societe Generale (OTC:SCGLY), and some smaller crypto firms. The Banque de France will be conducting experiments with these candidates over the next few days. A loosely translated excerpt from the announcement reads:

The lessons learned from these experiments will constitute a direct contribution to the more general reflection led by the Eurosystem on the advantages of a central bank digital currency. These experiments also illustrate the Banque de France's commitment to innovation, which was recently chosen to host, with the Deutsche Bundesbank and the European Central Bank, a new joint innovation center in Europe within the framework of the Innovation Hub of the Bank for International Settlements.

CoinDesk Korea reports that South Korea’s Ministry of Economy and Finance has proposed 22 percent tax – comprising 20 percent plus 2 percent local income tax – on crypto trading profits above 2.5 million won (~$2,000). If approved, this tax will be effective October 1, 2021.

CNBC reports that stock and crypto investment app Robinhood has postponed launching in the U.K. indefinitely. The company broke the news to people signed up to its U.K. waitlist yesterday, explaining in a statement:

“A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our U.K. launch indefinitely. As a company, we are refocusing our efforts on strengthening our core business in the U.S.”
“Although our global expansion plans are on hold for now, we’re committed to democratising finance for more people around the world. We look forward to the day when we can bring this mission to the U.K.”
Sam Mowers, Investorideas

For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory

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