The commission recommends the government makes it easier to launch Bitcoin products, including derivatives.
South Korean government commission
A South Korean government commission has advised the government to list bitcoin on Korea Exchange and green-light financial institutions to launch crypto products, including Bitcoin derivatives, Business Korea reports.
The 4th Industrial Revolution Commission, created under the Presidential Office, released a paper outlining policy recommendations for the government, such as classifying both cryptocurrencies and virtual currencies as “crypto assets,” and giving financial institutions the chance to develop crypto technology.
“Participants in the traditional capital market such as securities firms and banks should develop and introduce domestic custody solutions to handle crypto assets so that the Korean crypto-asset custody market will not depend on foreign countries,” it said.
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Why Most Countries are Likely to Ban Bitcoin
There are so many applications of cryptocurrencies over the world, especially bitcoin, in diverse areas such as business, military, medicine, banking and finance and many more. This has prompted a good number of countries to adopt bitcoin and other cryptocurrencies. For instance, most countries in the European Union (EU) have officially declared and accepted cryptocurrencies like Bitcoin as a substitute to fiat currencies to be the tender for payments and transactions. Some of these countries presently have registered exchange platforms and Bitcoin automated teller machines (ATM) and have integrated bitcoin as a tradable asset. Read Here the complete Article: Why Most Countries are Likely to Ban Bitcoin.
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