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South Korea to promote blockchain technology.

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Amidst all the news about Crypto regulations and bans, South Korea’s Virtual Currency Industry, has taken the stance to promote blockchain technology.
When the whole world is speculating the economic significance of the digital currencies and promoting strict regulations, South Korea’s opinion to normalize the sector, comes as a stunning revelation. A lax regulatory system might be approved by the authorities and the Government’s consideration to ban the Industry like many other countries, stands disowned.
Finance Supervisory Service (FSS) takes the lead in guiding the governmental regulations and cryptocurrency trading procedures, as a part of it’s central activity “Though the government and the industry have not yet reached a full agreement, the fact that the regulator himself made clear the government’s stance on co-operation is a positive sign for the markets,” said Korea’s Blockchain Association official, Kim Haw-Joon.
On January 30th , South Korea had banned the use of illegal bank accounts for transacting digital coins, since the market volatility had increased the chances of criminal discourses.
South Korean local banks like Shinhan Bank, Industrial Bank of Korea, NH Bank, have now resolved to offer digital currency accounts to about five local cryptocurrency sectors.
Choe Heung-sik, chief of South Korea’s Finance Supervisory Service (FSS), has made a statement, that Kookmin Bank and KEB Hana Bank might also allow crypto trading, though the transactions haven’t been initiated as of now. He also hoped for a better system so that the banks won’t have to fear the authorities, for Cryptocurrency transactions.
Although, such validation have been officially stated by South Korea’s eminent personalities, firm regulations and strict control over illegalities will continue to remain.
There has been reports stating Samsung, South Korea’s most popular tech-star’s, to work on innovating new mining technologies.
These news definitely comes as a stress-relief during Crypto-worlds’ difficult times.

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