As indicated by South Korean national bank the Bank of Korea (BOK), the extraordinary balance of virtual money accounts in domestic banks was accumulated to about $1.79 billion since Dec. 2017, local news outlet Yonhap announced Friday, July 5.
The BOK’s report viewed as the $1.79 billion (2 trillion won) figure to be moderately low, as it is comparable to around 8 percent of the total deposits worked by the nation’s brokerage houses – – apparently worth 26 trillion won ($23.27 billion). The report along these lines proposed that crypto markets don’t represent a danger to traditional local financial markets:
“The amount of crypto-asset investment is not really big, compared with other equity markets, and local financial institutions’ exposure to possible risks of digital assets is insignificant. Against this backdrop, we expect crypto-assets to have a limited impact on the South Korean financial market.”
The BOK’s data set covered the height of cryptocurrency markets extraordinary development in late 2017 – when Bitcoin (BTC) broadly hit the $20,000 price point.
The national bank’s decision that cryptocurrency represent a moderately constrained risk to the traditional financial part comes in the specific same week that the Korean Financial Services Commission (FSC) uncovered it is “not opposed” to digital currencies and intends to adjust itself to the G20’s vision of “unified,” transnational crypto regulations.
The G20 summit in March proposed a firm July due date for drafting regulatory proposals for the cryptocurrency, approaching “international standard-setting bodies (SSBs)” to evaluate vital “multilateral responses” that would then proposed for “global implementation.” “Multilateral responses” that would then proposed for “global implementation.”
Korea is affirming the G20’s multilateral vision without bounds of crypto regulations at what is apparently an essential time for its domestic crypto circle. Essential positive news has been prospective from the government all through spring, including plans to lift the nation’s prohibition on domestic Initial Coin Offerings (ICOs).
A week ago, in a noteworthy legitimizing move, three Korean government services uncovered a draft version of new blockchain industry classification standards, which strikingly perceived crypto trades as financial establishments out of the blue.