24 Mar '14, 3pm

Bitcoin Swaps Near Reality as Tera Creates Legal Framework

Bitcoin Swaps Near Reality as Tera Creates Legal Framework

Tera Group Inc. created a legal framework for Bitcoin swaps, which would let investors trade payments based on how the virtual currency performs against a real one. The terms for a multimillion dollar swap between two U.S. institutions is planned to hedge Bitcoin volatility over a 25-day period, the Summit, New Jersey-based company said in a statement today. Swaps based on Bitcoin are unregulated and the firm is seeking the blessing of the U.S. Commodity Futures Trading Commission so it can offer the trades on its regulated swap-execution facility, the company said. “We as a company are trying to bring some structure and some protocol to help the Bitcoin community,” Leonard Nuara, the president of Tera, said during a phone interview today. “It provides a tool for a natural hedge to get relief from the price changes in Bitcoin.” The regulation of Bitcoin, let alone derivati...

Full article: http://www.bloomberg.com/news/2014-03-24/bitcoin-swaps-ne...

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