Blockchain in South Korea

Blockchain in South Korea

South Korea has always had a difficult relationship with cryptocurrency, major tech capitals like Seoul are actively directing Blockchain into their world while the rest of the country stays away. Let’s take a look at the complicated relationship shared between Blockchain and South Korea, and how it affects the rest of the world.

South Korea made its stance on cryptocurrency clear from 2016, saying that they would be calling for a countrywide ban of crypto trading. Many Asian descending countries seemed to be directing their opinions in the same way at the time; India, China, and Korea were all looking for ways to rid Bitcoin from their economy. Cryptocurrency users from India benefited from extremely low electricity prices, this may have been an advantage to miners and tokens, but it takes a toll on the money coming into the country. Many big named figures have come forward to voice their disbelief in crypto, although these negative remarks would soon transfer into Blockchain support. It is very common among corporates to belittle a product right before attempting to create a better version, we see strong examples of this in the words of Mark Zuckerberg and Jamie Dimon, both belittled Bitcoin before patenting their own cryptocurrency tokens.

South Korea called for the ban of all anonymous token purchases, a sort of regulation. But their centralizing nature didn’t stop there, the government even went as far as to ban cryptocurrency holdings and trading options from entering the hands of officials. These regulations and warnings come after Seoul investors spread their knowledge of crypto country-wide, introducing a highly controlled nation to financial freedom. Korea was falling behind in innovation until this South Korea crypto announcement made headlines.

South Korea crypto announcement

Although the future seemed murky, South Korea wasn’t against cryptocurrency opposed to trying to get ahead of it. We saw many rumors of a total cryptocurrency shut down in South Korea, these would be put to sleep by this South Korea crypto announcement:

The biggest bank in South Korea signs a Blockchain agreement.

KB, Kookmin Bank, will be working alongside local Blockchain company Atomrigs Lab. The agreement between the two should involve the advancement of technology in regards to the financial section. Not much else is known about this South Korea crypto announcement yet, but as news reveals itself, we see a lot of positivity coming for and from cryptocurrencies in South Korea.

The future of Blockchain

With the announcement being made as recently as June 11th, 2019, there has been very little talk about what opportunities lie in the world of Blockchain for South Korea. Regardless of regulation warnings or public statements, South Korea has always shown an interest in the implication of Blockchain technology. Their threat of a ban was not even a ban, but instead a regulation which would make trading more centralized to avoid fraud or laundering within South Korea. They even launched an inspection among exchanges, auditing and verifying the exchanges’ claims. All these attempts to quiet cryptocurrency were made with the interest of their people at heart, an individual in South Korea is said to have an average investment of $6000 USD in crypto, making the government’s role of protection even more important. They are tackling the term Blockchain for the betterment of their country, we are excited to see what this situation’s outcome will be, stay updated with us!

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