South Korea’s Hurdles In The Race Toward Blockchain Innovation

FinTech progress has come to a halt in South Korea as regulators carefully try to piece together new technology with existing privacy laws. In October 2016, Financial Services Commission (FSC) Chairman Yim Jong-Yong revealed South Korea’s plans for the acceptance and regulation of bitcoin. He announced in a public speech, “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.” At the time, the top three Bitcoin exchanges in the country processed around $1.3 billion between January 2015 and October 2016, according to data from the FSC.

In December of 2016, the Korea Financial Investment Association launched its first blockchain consortium consisting of 21 financial investment companies and five blockchain tech firms to function as a leading blockchain think tank in the local capital market. Then, in January 2017, South Korea’s financial authorities revealed their plan to launch a full-scale pilot project for blockchain-powered financial services. The plan involved implementing blockchain technology as the core infrastructure for a sweeping financial services platform.

Progress continued in April 2017. Hongik University in Seoul and the

Read more ... source: BTCManager

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