Crypto Currents: China’s central bank deems crypto transactions illegal

PBOC intensifies crackdown on cryptocurrencies as Robinhood teases crypto wallet
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

PBOC DEEMS CRYPTO TRANSACTIONS ILLEGAL: The People’s Bank of China announced that transactions in all cryptocurrencies, including services provided by offshore exchanges to domestic residents, are illegal financial activities, Bloomberg reported Friday, citing this morning’s statement on the PBOC website. The report states that the central bank has announced that Bitcoin and Tether are not fiat currency and cannot be circulated on the market. The move is the harshest action China has taken against crypto and comes after the country has consistently expressed concerns over digital currency’s links to fraud, money laundering and excessive energy usage.

ROBINHOOD TEASES CRYPTO WALLETS: Robinhood (HOOD) announced Wednesday crypto wallets are coming to the app. The company said in part: “When wallets? We have news! We’re excited to share that starting next month, the first customers will begin testing crypto wallets on Robinhood. We’ll share their experience and feedback on our blog and twitter regularly so you can follow along and get an under the hood look into what we’re building. After that, we will continue to roll out access to more and more customers through our waitlist. …Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps: send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account. This means you can consolidate your coins into one account so it’s easier to track your portfolio, move supported coins into your Robinhood account so you can trade those coins commission-free, and more…The best part? We’re making crypto transfers safe, secure, and simple–whether you’re a long-time crypto trader, or one of the millions of people transacting on-chain for the first time. At Robinhood, we’re designing wallets to be intuitive, with security features such as identity verification, multi-factor authentication, and email and phone verification to keep coins safe from hacks and other threats.”

INVESCO TEAMS WITH GALAXY FOR CRYPTO ETF PLANS: Independent investment management company and U.S. ETF issuer Invesco (IVZ) is expanding its efforts to emerge as a leader in the yet-to-launch crypto exchange-traded fund space, Bloomberg’s Katherine Greifeld and Vildana Hajric reported Wednesday. The company is partnering with crypto investor Michael Novogratz’s Galaxy Digital Holdings to develop a “comprehensive suite of U.S.-listed, physically backed, digital asset” funds. The arrangement that Invesco made with Novogratz reflects the investment manager’s aspirations to be at the “forefront of crypto ETFs,” which have not yet received the SEC’s approval.
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