Korea and the cripto entrepreneurs

The Central Bank of Korea or Bank of Korea (BOK) has reaffirmed its position on cryptocurrencies, stating that these do not represent a significant threat to the local financial landscape, at least for the time being. According to Korean media reports, the bank would have expressed that the level of investment in digital assets is depreciable compared to that of financial institutions and local traditional equity markets.

As such, the potential risk posed by digital assets is negligible, since its daily transaction volume is around $ 300 million, compared to the daily billions traded on the Korean stock exchange. Therefore, the Central Bank of Korea does not expect that the active crypto have a widespread impact on the financial market of South Korea.

"The amount of investment in crypto-assets is not very large compared to the other equity markets, and the exposure of financial institutions to the risk of digital assets is negligible ... In this context we expect that cryptoactives have a limited impact on the South Korean financial market. " He expressed the BOK in his report.

The government of South Korea has progressively introduced a series of measures in favor of the inclusion of the crypto market within the traditional financial system, including a system of real name accounts (without anonymity) and a ban on retailers in volumes of cents, to make the market more controllable and transparent. It is also considering taxing digital divide trading through a capital gains tax or sales tax.

"In the cryptocurrency market there are two positions, those that want to lead the market and therefore do not lose any kind of opportunity. And the fearful who seek protection through regulations, therefore, can miss the train of innovation. This is why the crypto ecosystem is happy with the BOK since it has voted in favor of the market position. Korea seems to have chosen its path, I hope that other countries choose the right train, as well as Korea. "Antonio Sainz, co-founder and CEO of INCLUSIVITY, announced.

The Central Bank of Korea presented in its report at the end of 2017, that the local banks had cryptographic assets for a value of 1,790 million $, which represent only 8% of the total deposits in the brokerage houses of the country.

If the technical problems of cryptography receive medicine and the acceptability of the crypto, is at the forefront of society, then you can not prevent the cryptocurrencies are used as a form of payment and as an investment vehicle" Expressed the BOK in your report.

Similarly, the Financial Services Commission of South Korea (FSC), does not oppose cryptocurrencies and plans to carry out a resolution at the next G20 summit, on the implementation of cross-border homogeneous cryptoregulations, to facilitate the international trade of these new currencies.

"The directional pivot of South Korea removes another brick on the wall. In fact, it eliminates several bricks because it has shown the usefulness once again of governments that do not resist the tsunami of cryptocurrencies ... China an economic monster has tried to stop this train since 2017, but it has met with the flight of capital cripto to the most progressive neighbors of South Korea and Singapore "expressed Alex Karasulu Co-Ceo and founder of OptDyn.