For those who may not know, cryptocurrencies/virtual assets (the best known of them, at the moment, is Bitcoin), are digital representations of value that can be digitally traded or transferred. When holders are using these currencies the transaction, in short, the use is via Blockchains (in short, a decentralized databases). South Korea has been at the forefront of the global cryptocurrency boom and its spread has permeated through all levels of society. Statistics from 2017 show that more than one third
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Future of Bitcoin in Korea according to FTC: Korean Cryptocurrency Updates
The head of the Korean Fair Trade Commission has noted to local vernaculars that he does not agree with Justice Minister Park Sang-ki’s comment that “cryptocurrency investment is gambling.” He further noted that: “cryptocurrency recently emerged as an issue in Korea and other laws do not have the exact legal clauses that relate to closing exchanges.” Thus, indicating, in part, that the Korean government doesn’t have the specific power to close the Korean cryptocurrency exchanges. Of course, the FTC Chairman’s
Continue readingKorean Cryptocurrency Case Filed to the Korean Constitutional Court: Korean Bitcoin Updates
The author of this blog, formerly worked for the Constitutional Court of Korea and he is excited to see this matter being litigated in Korean courts. The issue, as I have always noted, is simply if government are willing to protect the freedom of individuals to trade and speculate in asset classes of the choosing of the investor. While, I am far from sold on Bitcoin (and other Alt Currencies) as a long-term asset class plays – of course any
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