Banking giant Goldman Sachs has reportedly decided to put its cryptocurrency trading plans on hold. The company was planning to open a trading desk for cryptocurrencies like Bitcoin but it has decided against that because the regulatory framework concerning cryptocurrency trading isn’t clear.
Citing people familiar with the matter, Business Insider reports that Goldman Sachs has put its Bitcoin trading plans on hold for now. It’s waiting for the regulatory framework to become more clear before deciding whether or not it wants to go ahead with this.
Executives at the back have reportedly concluded in recent weeks that there are many steps that still need to be taken and most of them are outside the bank’s control. These steps need to be completed before a regulated bank can be allowed to trade cryptocurrencies.
The bank was believed to be interested in clearing bitcoin futures for some of its clients as new contracts went live on exchanges back when the popular digital currency’s value was hovering around a record high of $16,000 in December 2017.
A spokesperson for the bank did confirm to Reuters that it a final decision has not yet been made. “At this point, we have not reached a conclusion on the scope of our digital asset offering,” came the official response.
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