Bitcoin News – Bitcoin has not considered as a currency by Lee Joo-Yeol

Nishanth Shetty

October 28, 2017 9:56 am

Bitcoin News - Bitcoin has not considered as a currency by Lee Joo-yeol | Coindelite News
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Bitcoin News – Last week, Bitcoin had raised its value more than $6,200 and still keeping itself growing constantly and extending. But on the other side, The governor of Bank Of Korea (BOK) has not even considered bitcoin as a currency. The below article will tell you the entire story.


On Monday, The National Assembly of the Republic of Korea had directed a parliamentary audit of the Bank of Korea (BOK). At that time, Lee Joo-Yeol the governor of Bank of Korea told the Lawmakers that, Digital currencies and even including the bitcoin is not being recognized by him as a currency.



“Is it possible to see virtual money as a currency?”, Lee was asked.


 Lee Answered:


“It is difficult to look at the example of the International Settlement Banks (BIS) in terms of money.” [sic]



About the necessity to regulate the digital currencies, Lee Described:


“Regulation is appropriate for it because it is regarded as a commodity. It is not a regulation at the level of money. It is not a situation for the Bank of Korea to take action at present.” [sic]


Lee also added:

“The possibility that the central bank’s digital money will be issued in the near future is likely to become a means of payment specialized for inter-bank transactions or central bank transactions.” [sic]


Research of Digital Currencies is “Poor”


Yonhap News wrote that The Democratic Party lawmaker, member of National Assembly’s planning and Finance Committee and Song Young-Gill, Reported that the audit of the central bank reveals its research on digital currency as “poor”.


Song Young-Gil reviewed the banks due to lack of research and compared to other central banks on digital currencies such as Bitcoin and Ether.


Young-Gill told:

“There are more than 1,000 companies that can use bitcoins in Korea. However, the data provided [by BOK] shows insufficient numbers.” Reported by Asiae News.


Gill added:

“Virtual currencies and blockchains are important research subjects, if you neglect them, you can lose the future market and the bank should do more research in the future.” [sic]


As a reply to the lawmaker, Lee said:


“I fully agree with your point of view. Nothing that, we also refer to a lot of virtual currency research conducted in countries like Sweden,” [sic]


Afterwards, Lee Promised that:


“The Bank of Korea will put more importance on virtual currency research.”

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