Bitcoin Awareness Grows in South Korea After Central Bank U-turn
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....
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The Monetary Authority of Singapore (MAS), Singapore’s central bank, has collaborated with yet another Asian country, within days of partnering with an Indian state government over exploring and developing blockchain technology and Fintech. The primary monetary authority in Singapore and the Korean Financial Services Commission (KFSC) – an authority of the same stature in South Korea – will cooperate over Fintech, exploring joint innovation projects with a focus on big data and mobile payments. “This agreement lays the groundwork for deeper FinTech collaboration between Singapore and South....
Some legal changes would be needed before a potential central bank digital currency launch in South Korea, research indicates.
With the myriad of altcoins being introduced these days, some investors have had trouble telling which ones are legitimate and which ones are bitcoin scams. In South Korea, law enforcement officials have begun investigations on alleged pump-and-dump schemes wherein demand and volumes are artificially boosted before the altcoin is out of existence. In addition, the Bank of Korea extended its support to local authorities that are investing bitcoin scams and related Ponzi schemes. There are approximately 700 altcoins in existence according to coinmarketcap.com but less than half of these have....