Bank of Korea Criticized, Does Not Recognize Bitcoin as Currency

Bank of Korea Criticized, Does Not Recognize Bitcoin as Currency

THELOGICALINDIAN - A aldermanic analysis of the Bank of Korea appear that it has done poor analysis on agenda currencies including bitcoin and ether The axial banks governor told assembly that agenda bill is not bill and promised to conduct added analysis on this topic

Also read: South Korea to Step Up Supervision of Bitcoin Trading After IMF Calls for Reform

Bank of Korea Governor: Bitcoin is Not Currency

The National Assembly of the Republic of Korea conducted a aldermanic analysis of the Bank of Korea (BOK) on Monday. During the hearing, the bank’s governor Lee Joo-yeol told assembly that he cannot admit agenda currencies including bitcoin as currency, according to bounded publications.

“Is it accessible to see basic money as a currency?” Lee was asked. He responded, “it is difficult to attending at the archetype of the International Settlement Banks (BIS) in agreement of money,” Yonhap News reported. Regarding the charge to adapt agenda currency, he said:

In addition, Lee said that “the achievability that the axial bank’s agenda money will be issued in the abreast approaching is acceptable to become a agency of acquittal specialized for interbank affairs or axial coffer transactions.”

‘Poor’ Research on Digital Currencies

Moreover, Democratic Party administrator and affiliate of the National Assembly’s Planning and Finance Committee, Song Young-gil, acicular out that the analysis of the axial coffer reveals that its analysis on agenda bill “is poor,” Yonhap News detailed.

Bank of Korea Criticized for Poor Crypto Research, Does Not Recognize Bitcoin as CurrencySong criticized the coffer for its abridgement of analysis compared to added axial banks on agenda currencies, such as bitcoin and ether. He acclaimed that “there are added than 1,000 companies that can use bitcoin in Korea. However, the abstracts provided [by BOK] shows bereft numbers,” Asiae News quoted him.

“Virtual bill and blockchains are important analysis subjects, if you carelessness them, you can lose the approaching market,” Song asserted, abacus that “the coffer should do added analysis in the future.”

Responding to the lawmaker, Lee said, “I absolutely accede with your point of view.” Noting that “we additionally accredit to a lot of basic bill analysis conducted in countries like Sweden,” he promised:

What do you anticipate of the Bank of Korea’s attitude on bitcoin? Let us apperceive in the comments area below.

Images address of Shutterstock and Yonhap News.

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