“Cryptos’ impact on the South Korean financial market is limited;” Bitcoin price rejects $6,700 support

The central bank of South Korea finds cryptocurrency effect on the local financial market to be a drop in the ocean. This is according to the latest report that took into account the balance of digital assets in the commercial banks in the country. By the end of 2017, the domestic banks had the balance at $1.79 billion. The Bank of Korea (BOK) considers this figure to be too small to cause any significant impact on the financial market. Therefore, the report suggests that virtual currencies do not pose any risks at the moment. A section of the report reads:

It is also vital to note that the report took into account the surge that had Bitcoin trade almost at $20,000 in December 2017. In the same week the report was released, the Korean Financial Services Commission (FSC) said that it was open to the virtual currencies and is going to align itself with the vision of the G20 group of nations to come up with “unified” regulations for the industry.