South Korea has declared that it is now putting the high measure into places right for the spread of the top digital currency in which was the Bitcoin.
The Asian country is the home to an enough number of the Bitcoin exchanges in which includes the Korbit and the CoinOne which currently badge the places of the 22nd and the 29th positions right in the list of the top exchanges as according to a 24-hour volume of rankings right on the CoinMarketCap. And it is also the home of the CoinPlug in which has been spreading an excellent quality of their services since the year of 2013 and also had introduced the two-way of the Bitcoin ATM in the country.
Yim Jong-Yong the Chairman of the Financial Services Commission or the FSC suggested that the government at this very moment do have the plan to be able to create a new consortium to develop and at the same time implement the Blockchain technology right in their financial sector within the following year and also to institutionalize the Bitcoin to operate a better right in the approaching future of the financial ecosystem. As an outcome, there are similarly to be more activities in the FinTech sector, and its particular impact is likely to able to reverberate all across the other areas. And at the 12th FinTech Center Demo Day event in which happened on the 24th of October this year he said that, “The government will push right for the systematization of the digital currency on a full scale together with a global trend in the United States of America, Japan, and other countries. And we have built the foundation for the FinTech industry over the past two years. And now, we are already geared up to take the next step in reforming the financial regulation and system.”
Based on the Library of Congress, there is at present no laws right in South Korea regulating the use of the Bitcoin system. On the other hand, the President of the Bank of Korea has recommended at a press conference in December of the year 2013 the digital currency be regulated shortly. And that time seems to be at this very moment. Yim Jong-Yong believed that “The Blockchain technology is emerging as the central core of the infrastructure of the future finance. And we will go ahead right with a joint research and the pilot projects ahead of the international trends by launching a joint Blockchain consortium of the financial industry right within this year. And we will also reinforce the functions of the FinTech Support Center to back up the FinTech industry practically and also expand the size of the support right for the policy finance up to the summation of the three trillion Won for the following three years and the use the funds as priming the water for the FinTech ecosystem.”The FSC is the body that has been responsible for the policy and financial monitoring right in the entire country. And it has mandates to draft and also amend the financial laws and regulations; monitors the financial institutions; along with overseeing the capital markets; furthermore supervise the foreign exchange transactions. Yim Jong-Yong also stated that the government will also offer for over the summations of 3 trillion Won as converted for over $2.65 billion US Dollars right in the financial support for the development of the FinTech sector for over the following three years. And during that certain event, the Korean FSC signed an MOU onto the cooperation in the FinTech sector together with the Monetary Authority of Singapore or the MAS. And they will exchange information regarding the FinTech associated regulations and policies, the market trends and onto the joint projects on the central core technologies such as the digital and the mobile payment, the Blockchains and the big data.