Where Your Speech Is Free And Your Comment Is King - Post A Link

THE NEWS COMMENTER

VOTE  (0)  (0)

A very big bitcoin trading firm says cryptocurrency regulations are a good thing


Added 12-28-17 01:02:02am EST - “Rules from South Korea around cryptocurrency trading are a welcome development, Bitspread Founder and CEO Cedric Jeanson tells CNBC.” - Cnbc.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Cnbc.com: “A very big bitcoin trading firm says cryptocurrency regulations are a good thing”. Below is an excerpt from the article.

South Korea's decision to further regulate speculation in cryptocurrency trading is "quite positive," according to BitSpread Founder and CEO Cedric Jeanson.

"I think it's normal," said Jeanson, whose firm oversees more than $1 billion in trades per month. BitSpread makes bets based on price disparities between exchanges that deal in cryptocurrencies.

Authorities in Seoul plan to ban anonymous cryptocurrency accounts and want to close virtual coin exchanges. The government has already warned that virtual coins cannot function as actual currency and could result in high losses due to excessive volatility. And Seoul has announced plans to tax capital gains from cryptocurrency trading.

"I think regulators have done what they're supposed to do," Jeanson told CNBC's "Asia Squawk Box," suggesting that regulators are simply acting to ensure that investors are dealing with an orderly market.

Nick Colas, the co-founder of DataTrek Research who also was the first Wall Street analyst to cover bitcoin, figures the digital currency could slosh in a range between $6,500 and $22,000 next year. He expects "at least four crashes" of 40 percent or more.

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE