RATE Group | Bitcoin Advocates Cry Foul as US Fed Buying ETFs for the First Time
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Bitcoin Advocates Cry Foul as US Fed Buying ETFs for the First Time

12 May Bitcoin Advocates Cry Foul as US Fed Buying ETFs for the First Time

Posted at 10:47h in Bitcoin News by

Bitcoin (BTC) has only just completed its “hardening” — but fiat currency is already getting even “easier” as money after a historic move by the United States central bank.

As the Federal Reserve confirmed in a press release on May 11, the bank is about to finally launch its corporate debt exchange-traded fund (ETF) buying programs.

ETF buys to start imminently

Known as the Secondary Market Corporate Credit Facility (SMCCF) and Primary Market Corporate Credit Facility (PMCCF), the two vehicles will start work “in the near future.”

Announced in March as markets tumbled over coronavirus, the programs mean that the Fed, for the first time in its history, will buy ETFs to artificially maintain a semblance of normality in the market.

“More information on SMCCF and PMCCF eligible corporate bond purchases is forthcoming, including specific start dates, issuer certification requirements and more detailed instructions, more details on pricing, among other operational details,”…

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