Bitcoin News – Bitcoin has not considered as a currency by Lee Joo-Yeol
October 28, 2017 9:56 am
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.
“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.
“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.
“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.”