Bank of Korea May Soon Recognize Bitcoin As a Currency
When it comes to getting at very least some recognition, one would think banks of all entities would be the last to join the group. The Bank of Korea, however, might be surprising us. Reports indicate that the South Korean central bank and issuer of the country's won currency may soon recognize bitcoin as a currency as opposed to a hobby, according to BusinessKorea. Despite the progress, the bank is still of the mindset that the digital currency won't do terribly well long-term: "The BOK said on December 3 that it made a report on bitcoins and is pondering a measure to open the virtual....
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The members of parliament in Switzerland might be considering bitcoin to be a foreign currency, but the story is just the opposite on the other side of the planet in South Korea. Reports indicate that the Korean government - perhaps unsurprisingly - has decided to not recognize bitcoin as a real and legal tender currency. The news comes as the price of bitcoin is rebounding following a brutal slump this past weekend. Officials at the Bank of Korea say that the volatility of the cryptocurrency is far too high and that it doesn't have intrinsic value. That of course is up to debate, but it's....
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The Phnom Penh Post is reporting that the Cambodian government, or at least the central bank there, will not recognize Bitcoin as a currency. “[The National Bank of Cambodia] will not recognize a currency that is not issued or backed by a government,” director-general Chea Serey said in a statement on Wednesday. “Bitcoin’s issuer is not a central bank of any jurisdiction.” Serey also asserted that the consequent lack of regulation exposes customers to theft and fraud, “which has proven to be a daily occurrence in the virtual world.” The CoinTelegraph would like to see Serey’s proof, not to....