Bank of Korea set up a working group to study cryptocurrency

nRunaway Comment: The Bank of Korea recently announced the establishment of a new working group to study the effects of cryptocurrencies on traditional finance. In connection with the recent investigation by the financial regulator of South Korea of ​​six major local banks in cryptocurrencies, it is easy to see that South Korea is doing its utmost to bring the cryptocurrency market under management. At the same time, the South Korean government seems aware of the need to learn more about cryptocurrencies to work out the most appropriate management guidelines.n
nTranslation: Inan
The Bank of Korea has set up a cryptocurrency working group to study the technology’s impact on the financial system.n
According to local news Pulse News, the bank said the group will be composed of staff from eight departments, including financial stability and monetary policy agencies, who will study the impact of digital currencies.n
The new organization will be led by Shin Ho-soon, deputy governor of the Bank of Korea, which will manage and assist with it. The Bank of Korea also seeks to explore the digital currency backed by the central bank, which is also part of the project.n
Before the announcement, South Korea has started to worry about the possible impact of a spike in cryptocurrencies on traditional financial systems.n
Earlier this week, the FIU and FSS have started a survey of six banks to clarify their relationship with the ecosystem of Bitcoin transactions in South Korea. The two regulators said the move aims to see whether these banks comply with anti-money-laundering rules when trading with cryptocurrencies.n
The South Korean government said last month it will be more regulation of the exchange, may include the ban on anonymous transactions. Recent reports indicate that the South Korean government is pushing for moves against the local Bitcoin exchange.n

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