Bitcoin Acceptance Grows In Korea
Korbit, the South Korea-based bitcoin exchange and merchant payment processor, announced that one of the biggest media empires in Asia, CJ E&M, will now be accepting bitcoin for its video-on-demand service, VINGO. CJ E&M is the media and entertainment subsidiary of CJ Group, one of the biggest business conglomerates in South Korea, which is also called a chaebol. Korbit only founded in 2013 but has already amassed over 25,000 user accounts and has signed up 500 merchant accounts, which are mostly small and medium-sized businesses. CJ E&M is the first listed company in Korea to begin....
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Asia's reputation as an international hotspot for bitcoin news is growing. While China's central bank caused a major stir with yesterday's statement on digital currencies, South Korea's central bank, the Bank of Korea (BOK), this week provided statements of caution and optimism. The BOK released a report on bitcoin on 3rd December, according to BusinessKorea, which pondered the measures required to "open the virtual currency to the public". It may not sound like much, but the BOK had previously ruled out any possibility that bitcoin could become a regular currency. However, this report did....
A significant number of cryptocurrency holders reside in South Korea. As the bitcoin sector becomes more mainstream, the rate of cryptocurrency acceptance in the East Asian nation has increased dramatically. Recent research, however, suggests that some of these crypto transactions may be used for unlawful operations. Bloomberg reported that the majority of unlawful foreign currency transactions […]
South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea (BOK) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency....
South Korea has become a hotbed for cryptocurrency and blockchain technology startups. Just recently the Korea Exchange launched its Korea Startup Market (KSM) based on blockchain technology, provided by Korean blockchain startup Blocko. Furthermore, the Korean Financial Services Commission (FSC) plans on regulating virtual currencies like bitcoin in....
Amid the ongoing controversy surrounding virtual asset taxation in the country, South Korea’s Financial Authority recently proclaimed non-fungible tokens (NFT) as taxable. On Tuesday, The Financial Services Commission (FSC) of South Korea, announced that it would start taxing NFTs. According to The Korea Herald, from January next year, this tax law amendment would impose a […]