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CME options, Greenspan statement, Bitcoin and Alibaba

11/14/2019
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  • CME_Greenspan_Alibaba
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Bitcoin options will appear on the Chicago Stock Exchange. Greenspan convinces China not to launch the state cryptocurrency. Lolli platform allows purchases for bitcoin.

Chicago Mercantile Exchange (CME) is going to Launch Bitcoin Options in January

It has come to knowledge that the Chicago Mercantile Exchange is going to launch Bitcoin options on January 13, 2020. According to the trading platform representatives, the instrument will be popular among investors in Asia and also will spark interest of miners who want to insure the risks of sharp fluctuations in rates. It has already become known that one contact amounts to 5 BTC and the block consists of at least 25 BTC.

Cryptocurrency futures contract has long been traded on CME. The appearance of options will significantly expand investors’ capabilities. The difference between the instruments is that the option makes milder demands. It gives the right to redeem the asset at the appointed time at a predetermined price, but does not impose an obligation to complete the transaction.

The execution period of bitcoin option will be one month and its specification has already appeared on CME official website. It also emphasizes that the Chicago Exchange does not offer the possibility of physical bitcoin trading. It gives investors the opportunity to work with a derivative financial instrument.

This is a fundamental difference from Bakkt platform, where the acquired bitcoin futures allows turning the contract into a real coin within a day. In autumn 2019, Bakkt custodial service was launched at Warehouse. Its work is approved by the New York State Department of Financial Services. Immediately after the launch, it worked only with futures buyers. Now each investor can store his cryptocurrency at Bakkt, no matter where in the world it was purchased.

Despite the modest turnover at start, the Bakkt project is gaining momentum. The daily volume has already reached $ 15 million, which corresponds to 1,756 BTC. There is no doubt that cryptocurrency options by the Chicago Exchange will also be in stable demand.

Chicago Mercantile Exchange (CME) is going to Launch Bitcoin Options in January

Alan Greenspan Opposed the Emergence of Central Banks Cryptocurrencies

Alan Greenspan, the former Fed Chair, stated that the central banks cryptocurrency projects have no sense. According to the expert, the advantage of fiat money is the state support. Not a single digital coin by any company has such an opportunity. Therefore, Facebook tokens are not able to compete with dollar, euro or yuan.

Jerome Powell, the current Fed Chair, holds a similar view. His department is closely monitoring the situation, but displays no activity in relation to digital financial assets. It is noteworthy that Greenspan made his statement at the economic forum in Beijing. The Chinese authorities hold the opposite point of view. They consider the Central Bank cryptocurrency as a preferred direction.

According to Jack Lee, the Founding Managing Partner of HCM Capital, the People’s Bank of China will launch its own cryptocurrency within three month. A hybrid payment technology has been developed in the country that allows combining traditional and cryptocurrency forms of financial payments. It is particularly remarkable that Daniela Stoffel, the State Secretary of Switzerland, called China a trend setter country. In her opinion, the world will not be surprised when PBC cryptocurrency appears.

Mu Changchun, the Head of China’s Digital Currency Research Institute engaging in blockchain research, expressed his point of view. The official said that digital yuan will not compete with cash. The authorities faced a task of issuing coins on controlled anonymity principles. The authorities have the ability to track all transactions, which may scare away some potential users. It has already become known that the owners of China's digital cryptocurrency will not receive interest. The Central Bank does not plan to compete with commercial banks and introduce state deposit accounts.

 Alan Greenspan Opposed the Emergence of Central Banks Cryptocurrencies

Alibaba Purchases Using Bitcoins

Lolli bonus platform offers unique terms of goods purchase via Alibaba largest online store for its customers from the United States. It allows not only paying for purchase with bitcoin, but also getting a cashback. The Chinese giant was not the only FinTech company partner. It already collaborates with Safeway product chain and its clients are Capital Ventures and Digital Currency Group.

Fold platform has developed its solution. Now, it is possible to pay with bitcoin for accommodation booked on Airbnb using Lightning Network. In addition, the user also receives 3% cashback. The platform is already collaborating with Starbucks and Whole Foods, where it can also be used to pay with cryptocurrency.

Alex Adelman, Head of Lolli, stated that the task of his platform is to connect the business of two countries and create the most favorable conditions for customers. Bitcoin is a great tool for online trading as it helps to erase the boundaries between economies and create unique opportunities for goods and services promotion.

However, blockchain technology is not only cryptocurrencies. Thus, the US Customs Service provides a grant of $ 182,700 to Mavennet Systems (Canada). It will have to develop a blockchain solution capable of real-time oil and gas supplies monitoring. A study by Data Gumbo showed that the introduction of similar systems for oil companies would reduce logistics costs by 30%.

Rezchain, a blockchain platform created in partnership with Microsoft, began to cooperate with Webjet. Now this travel agency is able to receive information about available hotel rooms and immediately book them for its customers. Previous systems made mistakes in 5% of cases. The use of new technologies can completely eliminate negative situations.

Alibaba Purchases Using Bitcoins

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