Citigroup has developed a new mechanism for investing in bitcoin

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2 months ago
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One of the largest banking conglomerates of the USA Citigroup intends to issue receipts for digital assets that will allow customers to trade cryptocurrencies without owning them directly. The new tool complies with the existing legal norms, the sources of Business Insider note.

A new kind of receipts should work on the principle of American depositary receipts, allowing investors to trade in securities baskets that are not represented on American markets. In this case, cryptocurrencies themselves will be kept by a separate custodian.

The reaction of the Securities and Exchange Commission (SEC) to the possible release of a new instrument is yet to be foreseen, since exchange products based on cryptocurrencies do not cause the agency to have warm feelings, as evidenced by repeated refusals to open bitcoin-ETF and the recent decision to suspend trades tied to the dollar with exchange notes from the XBT Provider.

Earlier, IT giant IBM, conglomerates of Barclays and Citi announced the creation of a banking-oriented store for blockchain applications LedgerConnect.