South Korea, China and Japan to exchange ideas for the regulation of crypto-currencies

The main financial regulator of South Korea is in talks with its counterparts in chinese and japanese on the regulation of crypto-currencies, such as Bitcoin. Speaking to journalists today, the president of the financial services Commission (FSC), Choi Jong-Ku, revealed a meeting attended by the vice-ministers of Finance of South Korea, Japan and China to discuss crypto-currencies.

The meeting, which took place in South Korea, will see the FSC put in place a system of cooperation with China and Japan, said Mr Choi.

Here is a video recounting these facts :

An initiative surprising

The chairman of the FSC said that the south Korean authorities are currently studying the market of crypto-currencies. The country is now faced with a real enthusiasm regarding crypto-currencies, he added. In addition, digital currencies can not be used as a means of payment, indicated Choi.

The cooperation between the three countries is especially remarkable, because they are part of the largest markets for crypto-currencies of the world. While the chinese central bank has closed the local industry of the Bitcoin, the south Korean authorities are also involved in a crackdown on anonymous transactions of crypto-currencies. For Japan, the country adopted a law in April 2017 to recognize the Bitcoin as a legal tender.

Gerd Altmann, Source : Pixabay

The repressions will they finally end ?

A year ago, China began its crackdown on the currency market virtual by closing the main companies in the exchange of crypto-currencies. Recently, there are rumors that the chinese central bank wants to limit the field of action of miners in the country.

The south Korean authorities have followed this trend and have prohibited the issuance of virtual accounts. As in Japan, a regulatory framework has already been put in place. This cooperation could surely resolve the situation and promote the market of crypto-currencies.

Source : NCC