South Korea to Legalize and Regulate Bitcoin

South Korean Lawmakers are planning to Legalize and Regulate Bitcoin

 

Law makers in South Korea are planning to Legalize Bitcoin with 3 Draft plans in the works

“Park Yong-jin, a lawmaker and member of the country’s ruling Democratic Party is drawing up three revisions this month to build a regulatory framework for digital currencies.”

If this move is similar to the legalization of Bitcoin in Japan that occurred earlier this year. In fact, Bitcoin is so popular in Japan that the Japanese Airline Peach is accepting Bitcoin as an official source of payment.

Another Korean Official, the FSC chairman Yim Jong-yong stated:

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.

Legalization of Bitcoin is both good for users and the goverment – so long as there aren’t too many restrictions.

South Korea Loves Cryptocurrencies

South Korea was a major factor behind the rising price of Bitcoin, Ethereum, Steem and DASH last month, with the South Korean Exchanges Bithumb and Coinone dominating the trade volume ranks. In addition, South Korea was paying MORE for cryptocurrencies than anywhere else in the world. For many coins, South Koreans were paying 10% extra! One of the reasons behind this is because of the extremely high demand for Crypto and the restrictions on transferring the Korean won out of the country – hence access to Poloniex is more limited.

Michael
I’ve been involved in the Bitcoin and Blockchain space since 2012. Something I notice right away is that accurate factual information is hard to come by in this space. More often than not, we find extremely biased information that exploit the complexity of blockchain to obscure facts. The objective of this site is simple – to provide independent insights into the blockchain space.

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