ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Friday Dec 15th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Facing Criticism, Bank Of Korea Governor Commits To More Virtual Currency Research

By

Jeremy

Nation

WriterETHNews.com

After cryptocurrency research by the Bank of Korea was criticized by a lawmaker, the bank’s governor promised to conduct a more in-depth study.

On October 25, 2017, it was revealed through reports that, following a parliamentary audit of the Bank of Korea (BOK) by the National Assembly of the Republic of Korea, the bank had conducted inadequate research on cryptocurrencies.

Appearing before the assembly, BOK Governor Lee Joo-yeol declared that cryptocurrencies, including bitcoin, cannot be accepted as currency and described the necessity for regulatory measures. "Regulation is appropriate for it because it is regarded as a commodity," said Lee. "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."

Lee went into greater detail about the integration of cryptocurrency and the interbank system:

“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 interbank transactions or central bank transactions.”

One lawmaker from the National Assembly’s Planning and Finance Committee who is critical of BOK's assessment is Democratic Party member Song Young-gil, who said that the BOK's research on cryptocurrency "is poor." He said that other central banks have done more extensive research on cryptocurrencies like bitcoin and Ether.

Song went on to explain that "there are more than 1,000 companies that can use bitcoin in Korea. However, the data provided [by BOK] shows insufficient numbers.” He went on to say:

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

Lee considered the Korean legislator’s position, and concluded, "I fully agree with your point of view.” He went on to affirm, "The Bank of Korea will put more emphasis on virtual currency research."

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Bank Of Korea, South Korea or other Ethereum world news.