To the director of the central bank of south korea, ” the Bitcoin is a commodity, not a currency “

The Bitcoin will be recognised and regulated as a commodity rather than a currency. This is what think the director of the central bank of south korea.

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The opinion of the Bank of Korea is firm

Speaking during the audit of the national Assembly of the Bank of Korea (BOK), the country’s central bank, the governor of the BOK, Lee Joo-yeol, would have been questioned if it was possible to see the virtual currency as a currency. Lee is said to have replied : “It is difficult to conceive of the crypto-currencies as money if we stick to the definition proposed by the Bank for International Settlements (BIS). “It is important to know that the BIS is an international financial organisation based in Switzerland and owned by the central banks of 60 countries around the world. Lee also expressed the current official position of the central bank on the regulation of crypto-currencies. “The regulation of virtual currencies that are currently in effect is appropriate, because it is seen as a commodity. They may not be regulated as a currency “, he explained.

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The BOK is not able to find a consensus

In November 2016, South Korea has set up a working group on digital currencies. This group is composed of the central bank, financial authorities, financial authorities and monetary authorities of the country. This group’s objective was to focus on the regulatory parameters of crypto-currencies and the granting of licenses for businesses. In spite of the monthly meetings, the working group has not made much progress in that do not arrive to a consensus. The central bank has also been criticized for his research “mediocre” on virtual currencies in the course of the audit. Lee said that the central bank will do more research on crypto-currencies.

Source : Cryptocoinsnews