As the cryptocurrency industry continues to evolve, the race for approval of a Bitcoin exchange-traded fund (ETF) in the United States has gained significant momentum. In this blog post, we will discuss the recent delays in the listing process for 21 Shares and ARK Invest’s spot Bitcoin ETF application and how it may impact the performance of the approved and listed Bitcoin ETF. Additionally, we will explore the attitudes of Russians toward the potential launch of a digital ruble and the concerns surrounding its implementation.
Delays in Approving a Bitcoin ETF in the US:
The Securities and Exchange Commission (SEC) has solicited comments on 21 Shares and ARK Invest’s spot Bitcoin ETF application, leading to a further delay in the listing process. This is now the second delay, with a third deadline set for November 11. If the SEC delays again, the final deadline will be January 10, 2024. The approval of a spot Bitcoin ETF in the US is highly anticipated, with BlackRock and other major institutions filing for similar products. The first mover advantage in this space could significantly impact the performance of the approved and listed Bitcoin ETF.
Mixed Views on the Digital Ruble in Russia:
Bankinform recently conducted research on Russians’ attitudes toward the potential launch of a digital ruble, a central bank digital currency. The study found that while there is significant interest in the potential launch, 32% of respondents view it as a scam. A pilot version of the digital ruble is expected to start in mid-August, with testing among banks, businesses, and consumers. However, over 21% of respondents expressed no interest in the digital ruble. Some concerns revolve around privacy and a lack of sufficient information surrounding its implementation.
Other Countries Exploring Central Bank Digital Currencies:
Russia is not alone in exploring the introduction of a central bank digital currency. Other countries, including China, Japan, and the UK, are also conducting research and experiments in this area. President Vladimir Putin recently signed a law allowing the digital ruble as a payment method, and the central bank plans to start experiments involving 13 banks. The success or failure of the digital ruble could have profound implications for the future of digital currencies globally.
Voyager Digital’s Effort to Reimburse Customers:
In other news, bankrupt crypto brokerage Voyager Digital has been transferring millions of dollars worth of SHIB and ETH tokens to Coinbase as part of its ongoing effort to sell off its remaining crypto holdings. Voyager aims to reimburse its customers, who were only able to claim 35.72% of their tokens following the company’s bankruptcy. However, these transfers to Coinbase may lead to increased selling pressure on SHIB and ETH, potentially resulting in a decrease in prices. SHIB has witnessed a 15.55% increase in the past seven days, while ETH is currently trading around $1,850.
The delays in approving a Bitcoin ETF in the US highlight the regulatory challenges that cryptocurrency faces. The first mover advantage in this space could prove crucial for the success of approved and listed Bitcoin ETFs. Meanwhile, the mixed views among Russians on the potential launch of a digital ruble highlight the need for trust-building measures and information dissemination. As various countries explore the introduction of central bank digital currencies, their success or failure will shape the future of digital currencies in the global economy. Finally, Voyager Digital’s efforts to reimburse its customers while selling off its remaining holdings highlight the complexities of managing cryptocurrency assets during bankruptcy proceedings.