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Goldman Sachs and Forwards, 10 years of Bitcoin, India is preparing bans

11/01/2018
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In India, ready to ban private coins, Goldman Sachs Bank plans to launch bitcoin forwards. It has been ten years since the advent of the first cryptocurrency.

Bitcoin jubilee and cryptocurrency

Exactly 10 years ago, the article “Bitcoin: A Peer-to-Peer Electronic Cash System” was published. September 31, 2008 can be considered the official birthday of cryptocurrency. The work of Satoshi Nakamoto outlined the basic principles of the functioning of a peer-to-peer network - the blockchain.

The Proof-of Work algorithm allowed us to create an asset exchange network that provides direct contact between the seller and the buyer. No one knows who is hiding behind Satoshi Nakamoto's name. However, its developments were revolutionary and were able to change the financial structure of modern society.

More about Satoshi Nakamoto article

Bitcoin jubilee and cryptocurrency

India allows private money ban

The government of India is among the most ardent opponents of digital coins. The Financial Stability and Development Council (FSDC) held a meeting where the issue of legal regulation of the circulation of cryptocoins was discussed.

According to its results, the Minister of Finance Arun Jaitly expressed the opinion that blockchain in its present form threatens the stability of the financial system. The report released after the meeting states that the policy of leisure will be pursued in relation to the prohibition of private cryptocurrencies. Rather vague wording does not carry specifics, but it alerted supporters of cryptocurrency. Although one should not expect significant market volatility because of this. The position of the country has long been known in the community, there was no surprise.

India allows private money ban

Goldman Sachs prepares Bitcoin forward contracts

According to unofficial information, Goldman Sachs Bank is working on the launch of non-deliverable forwards on Bitcoin. According to the plans, the credit institution will create a tool that will be distributed only among its customers, without free circulation on the stock exchanges.

There were also rumors that contracts for broadcasting would be launched there. However, the source reports the difficulty of implementing these plans. So far, no exchange platform produces a financial product tied to this particular coin. Therefore, Goldman Sachs is not sure that they will be able to implement the technical side of the project.

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