Published on July 8th, 2018 | by bitcoin0
Bank of Korea: Crypto Has Low Risk to Local Finance MArket
According to South Korean central bank the Bank of Korea (BOK), the outstanding balance of virtual currency accounts in domestic banks totalled $1.79 billion as of Dec. 2017, local news outlet Yonhap reported Friday, July 5.
Against this backdrop, we expect crypto-assets to have a limited impact on the South Korean financial market.”
Notably, the BOK’s data set covered the height of the cryptocurrency markets’ unprecedented growth in late 2017 –– when Bitcoin (BTC) famously hit the $20,000 price point.
Important positive news has been forthcoming from the government throughout spring, notably including plans to lift the country’s blanket ban on domestic Initial Coin Offerings (ICOs).
Just last week, in a major legitimizing move, three Korean government ministries revealed a draft version of new blockchain industry classification standards, which notably recognized crypto exchanges as regulated financial institutions for the first time.