#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
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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
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