South Korea Post Service Seeks Know-How Of Cryptocurrency From Goldman Sachs

South Korea’s national postal service Korea Post (KP) will meet with Goldman Sachs officials to pick up “know-how” about cryptocurrencies, Bloomberg revealed Wednesday, September 5.

The administration, which directs investment funds of $112 billion, said a meeting in regards to crypto had already occurred with Goldman’s incoming CEO, David Solomon, in New York. Addressing the Bloomberg in a meeting, the post service’s leader Kang Seong-Ju affirmed that KP officials would also go to Hong Kong to meet with Goldman’s devoted cryptocurrency group there, which Goldman Sach set up not long ago.

“I asked Goldman to pass on their know-how in the cryptocurrency area,” Kang told the publication, including: “Since cryptocurrencies are considered to have potential and are something many people are watching, we’ll need to learn the strengths and weaknesses.”

The news represented somewhat unexpected planning, with reports surfacing that day that Goldman had retired plans to offer cryptocurrency trading products. The revelation delivered brief unpredictability across cryptocurrency markets, Bitcoin losing up to $500 in minutes and proceeding to lose support at $6,500.

Different from its future mentor, Bloomberg proceeds with, KP has “no plans” for cryptocurrency venture of any kind, Kang in any case underscoring the general narrative that the marvel is one to get a handle on instead of keeping away from.

“We should accumulate know-how,” he added.

South Korea keeps on formalizing its cryptocurrency regulations, Cointelegraph investigating how government debate currently rotates around the nation’s dubious Initial Coin Offering (ICO) ban and the formation of a Malta-style ‘blockchain island.’