How Practical is it to Live on Bitcoin in Philippines and South Korea?
A chart based on the practicality of bitcoin for daily expenditures was introduced on many popular bitcoin online forums, including Reddit. The user, who goes by the alias “themetalfriend” is a bitcoin enthusiast who formulated the chart after using bitcoin to finance his day-to-day life in Germany. Bitcoin practicality chart shared by Reddit user....
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Despite the government’s friendly regulations towards both Bitcoin startups and services the Japanese Bitcoin infrastructure remains imperfect in comparison to other East Asian countries, including South Korea and Taiwan. In early 2015, Bitcoin investors and startups were confident that the Japanese Bitcoin industry would establish a solid infrastructure for digital currency users to cash in and out through low-cost and efficient applications. How is it in other Asian countries? Countries in Asia such as the Philippines, South Korea, and Taiwan have Bitcoin payment service providers,....
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 […]
Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....
The Philippines is a home to some of the industry’s most innovative startups including Coins.ph and Rebit.ph, that enable cost-efficient remittances from their home country to international recipients. At Bootstrap Manila, Bitcoin startups & investors revealed that 20 percent of remittances from the Philippines to South Korea are processed using Bitcoin. Coins.ph recently secured a $ 5 mln investment from former Google CEO Eric Schmidt’s fund, due to their unique approach that instead of competing with banks and existing financial services, it would be more beneficial for its users to....
Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH). While arbitrage opportunities in South Korea always existed since the launch of Korbit, Coinone and Coinhumb, the three leading Bitcoin exchanges in the country, the premium rate rarely went past 10 percent. On May 23, the premium rate on South Korean Bitcoin exchanges nearly reached 30 percent, demonstrating a trading value of $2,850 for Bitcoin, while Bitcoin was being traded in the US and China for around $2,100. The driving....