Korea

The Bank of Korea (BoK) has shown a negative attitude towards creating a central bank digital currency (CBDC) due to the possible ‘moral hazard’ it could cause. The financial institution is also concerned about costs related to issuing a virtual coin.

According to Business Korea, the National Assembly has made a move to legalize the local use of initial coin offerings (ICOs). The official recommendation comes after a total ban on the financial technology in September last year. The country’s financial market’s lack of proper regulations has seen domestic businesses moving abroad.

The IT Electronics giant, a South Korean multinational electronics company, LG has launched its enterprise blockchain platform that according to developers can be put into various numbers of practical use in different sectors like manufacturing and finance.

Coin Idol TV news channel broadcasts the most interesting news of the weekend. Today, we will cover the following topics: having collected $1.7 billion in pre-sale, Telegram cancels its public ICO, bitcoin news: three factors that may influence the growth of bitcoin, smart bitcoin banknotes were launched with a pilot in a Singaporean mall, Richard Branson warns against fake scam stories, South Korea to Ease Regulations on Cryptocurrency.

New Financial Supervisory Service Governor is looking towards softening regulations previously imposed upon ICOs and domestic cryptocurrency trading.

Cryptocurrency exchanges in South Korea have set up rules to lift and increase transparency of deals and reduce money laundering, terrorism financing,  insider trading and many other deals that have slowed down the growth of blockchain technology in the country. This group of exchange platform include the likes of Upbit, OkCoin, Bithumb, among others.

World’s first pan-entertainment blockchain platform 777.Bingo is announcing the launch of its first venture in crypto-gaming.

A civil servant who had been keeping control on cryptocurrency and taking steps against its speculation joined the majority on Sunday, February 18, a government spokesman reported. The unfortunate man is thought to have experienced a heart attack in his sleep.

Mr. Kim originates from Korea and is also a member of Ins and NagaCoin projects. He played a key role during the exchanges listing processes for both of these projects and will be utilizing his established know-how and business network to help with the process of listing LOC on higher liquidity markets.