Goldman Sachs: Not Trading Bitcoin Yet, But Still Interested

Published at: Oct. 11, 2017

The demand for Bitcoin and the rush to invest in the digital coin are growing daily. Despite the criticism and ‘fraud’ accusations, great names like Goldman Sachs Group Inc. are thinking about introducing a cryptocurrencies trading desk and what kind of legal bottlenecks are involved.

Image: the street

It was reported earlier that the company is considering the possibility for its investors to trade in Bitcoin. The bank is yet to commence cryptocurrency trading and is looking into the legal implications.

A bank as experienced as Goldman Sachs wouldn’t want to jump into a business that may face regulations in the future; it has to be sure that the possible hurdles are looked into before taking a leap.

Goldman CEO Lloyd Blankfein on Twitter:

"Still thinking about #Bitcoin. No conclusion -- not endorsing/rejecting. Know that folks also were skeptical when paper money replaced gold."

Cryptocurrency trading, as any other trading, is a volatile business and the fact that illicit business owners may also have access to it means that it could be subjected to regulatory laws sooner than later.

While countries like Estonia, India, Malta, Japan, Russia, and China are already thinking of launching their own national cryptocurrencies, they still fear Bitcoin could be fully accepted. And some financial regulatory agencies, like the SEC, think that this area needs to be fully regulated.  

If Goldman Sachs eventually joins Bitcoin trading, it would no doubt boost investors’ confidence in the digital coin and will most likely increase its demand even more.

Tags
Bitcoin
Sec
China
Cryptocurrencies
Russia
Japan
Malta
India
Estonia
Fraud
Goldman Sachs
Related Posts
Government Tracking of Crypto Is Growing, But There Are Ways to Avoid It
Much noise has been made about the untraceable qualities of Bitcoin and other cryptocurrencies. Bitcoin "can be used to buy merchandise anonymously" said early primers on crypto, it offers users the kind of financial privacy that was previously available only from a "Swiss bank account," say more recent commentators. And given its ability to provide people with a layer of anonymity and privacy, it has been smeared by politicians, experts and mainstream journalists alike as a hiding place for almost any hacker, drug dealer, gang member, terrorist or despot you could possibly name (even if cash is still the preferred …
United States / Oct. 7, 2018
Crypto Behind Bars: Arrests Making Headlines Across the Globe
Gone are the days when shady dealings in crypto were perceived as immune to the clutches of law enforcement. Illicit crypto proceeds can be shuttled between wallet addresses at the click of a mouse, and their obfuscation behind the multiple strings of numbers and letters of wallet addresses can create a dizzying — if not impenetrable — cryptographic maze for authorities to navigate. But the criminals themselves present a more concrete target, and as they interface with everything from crafty code to unwieldy hardware to ‘traditional’ firearms, there has been some success in 2018 in nabbing some of the year’s …
Bitcoin / Sept. 29, 2018
ConsenSys’ Ajit Tripathi: ‘Rebellious Teenager’ Crypto Is Maturing
This interview has been edited and condensed. Cointelegraph had the opportunity to speak to ConsenSys’ Ajit Tripathi at BlockShow Europe 2018 about his experience leaving Wall Street for the crypto world, what new ConsenSys projects he’s most excited about, and why crypto regulation changes from country to country. Molly Jane: Could you tell us a little bit more about what ConsenSys does and what your role is there? Ajit Tripathi: ConsenSys is a venture production studio based in Brooklyn, and now we have offices in London, in about 30 countries, including London, Paris, South Africa, Australia, and Singapore — we're …
Blockchain / June 25, 2018
Law Decoded: Three regulatory trends of 2021, Dec. 20–27
It is that time of the year: Singular events must be abandoned in favor of end-of-year, big-picture narratives and yearly lessons learned. As many governments across the globe finally had to face the rapidly mainstreaming realm of digital finance, the year is packed with developments in crypto policy and regulation that are impossible to fit into a neat little summary. However, it is possible to try and distill several major trends that have come to the fore during the past 12 months, and that will keep shaping the relationship among societies, state power and the crypto space as we roll …
Regulation / Dec. 27, 2021
Indian police launch probe into BitConnect founder wanted by US SEC
The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police. Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in India, The Indian Express reported on Wednesday. The Pune police, operating under the Indian state Maharashtra Police, launched a probe into Kumbhani after a Pune-based lawyer filed a complaint claiming that he lost about 220 Bitcoin (BTC), or $5.2 million, due to BitConnect. The complainant said his original investment …
Bitcoin / Aug. 17, 2022