Bitcoin Newsroom Articles
In an announcement today, South Korea’s Financial Services Commission (FSC) – the
country’s primary financial regulatory and authority – has revealed its plan to launch
While details are scarce, a report by local publication Korea Herald points to implementing blockchain technology as the core infrastructure for a sweeping financial services platform.
The announcement comes just over a month after the formation of South Korea’s first
blockchain consortium. A group of 21 financial investment companies and five blockchain
technology firms signed a memorandum-
The working group is a part of a wider, marked effort by the South Korean government
to promote the country’s Fintech sector. Pledging three trillion won ($2.65 billion)
in financial support for industry startups and companies, the government is ramping
up its technology-
According to the paper, Jeong sees the “blockchain revolution” equivalent to the “internet revolution” in the 1990s.
In quotes reported by the publication, he added:
Blockchain technology has great potential to be used in finance and various other
fields. Since South Korea has the world’s top-
Bitcoin Regulation to Follow
The sweeping Fintech drive will also see South Korea introduce bitcoin regulation in 2017. A digital currency task force was set up by the FSC in late 2016 to focus on regulatory and licensing parameters for bitcoin exchanges in a country that is seeing increasing adoption of bitcoin.
“The government will push for the systemization of digital currency on a full scale
in tandem with a global trend in the U.S., Japan and other countries,” FSC chairman
To push the bitcoin and blockchain narrative further, the Shinhan Bank =-