Crypto News | The Bank of Korea and cryptocurrencies

The Bank of Korea and cryptocurrencies is our main piece of news today. The institution has launched a cryptocurrency task force in order to investigate the impact of cryptocurrencies on financial stability and monetary policy units. There are some concerns that the radical growths in cryptocurrency prices could destabilize the traditional financial system. Let’s recall, earlier this week, the regulators were checking if South Korean banks connected with bitcoin exchange ecosystem, comply with anti-money laundering laws. South Korea is one of the most important cryptocurrency markets and we should definitely keep our eyes on the further development of the situation. The link of Bank of Korea and cryptocurrencies could very well impact the global cryptocurrency market.

We also bring some good news from Goldman Sachs. A report coming from the company underlines that bitcoin and other cryptocurrencies could be treated as a sort of alternative money in unstable economies. According to the report, the usage of the U.S. dollar by other nations means there is a demand for a store of value and an exchange medium that could be used across national borders. They suggested that we can use cryptocurrencies as we use gold or other viable metals.

As for the use of cryptocurrencies in America, we bring you some fresh news from Florida. The lawmakers there have introduced a bill that could legally define blockchain data and smart contracts. It’s called House Bill 1357 and it introduces multiple stipulations that blockchain ledgers could become legally-binding. If signed into law, the bill will make Florida the latest state to recognize blockchain records and smart contracts. Since we’re in the US, allow us to note that the dollar has regained some of its recent losses because China’s regulator dismissed a report on buying of US Treasury bonds. According to the China’s exchange regulator, the country was diversifying its foreign exchange to safeguard their value.

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Author: Max Rothstein

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