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FSC South Korea Endorses Blockchain
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FSC South Korea Endorses Blockchain

by John M.March 22, 2018

South Korea’s Financial Services Commission (FSC) has been among the bodies in the country to take a stance where cryptocurrencies are concerned. The institution will use Blockchain and fintech to introduce an ever-greater number of technologies instead. This comes at a particular moment in the advance of cryptocurrencies when bodies from the world over are seeking to regulate them or snuff them out.

However, fintech has found curious endorsement in Europe and elsewhere, allowing startups to sally forth and enjoy a particularly lax governmental regime. FSC Chairman Choi Jung-ku “the players in the financial service market are becoming more diverse, with new companies entering, and the competition in the financial market is becoming fiercer. As a result, existing financial companies are also making attempts with fintech to raise their services.”

An ever-greater endorsement was landed about fintech as a solution of many of young people’s problems, with fintech cited as a possible solution of joblessness. By endorsing fintech for example, FSC helps to create more jobs, which will in turn be a boon for young people.

More technological advancement will follow, including an app that allows mobile payments, which in turn has been a popular trend in Asia as a whole.

Meanwhile, not all countries have been as cheekie-chappy with cryptocurrencies and their underpinning technologies as has South Korea. While countries in the region have been working on their own set of regulations.

China has been particularly hawkish where cryptocurrencies are concerned. For the most part all cryptocurrencies in the country have come to a halt. Trading them is impossible and specialist companies who have based their entire offer on creating reliable transfers and kick-starting Initial Public Offerings (IPOs) have been largely unsuccessful, following the ban.

Japan has been another country to show particular care where cryptocurrencies are concerned. With the spate of attacks unleashed on a variety of exchanges and the successful hacking and stealing of money, it is understandable why Japan would be wary of unwanted attention.

Elsewhere in the world things have not been milder for cryptocurrencies, but this is quite understandable overall. With this in mind, you will understand why South Korea’s latest move comes in stark contrast with what the rest of the world is currently pursuing as a stratagem of handling cryptocurrencies.

However, there is a good reason why South Korea would be so chummy with these digital assets to begin with. For starters, South Korea has always embraced innovation and with this in mind, it is likely to mention that any sort of technological advancement that originated in South Korea took some time to spread to the west.

Perhaps South Korea has seen a viable reason to believe that cryptocurrencies and the technologies that prop them up definitely add up to something that is quite worth one’s while. However, the country has recently taken measures to narrow down the scope of investment concerning the amount of cryptocurrencies invested by the people.

Not only that, but the idea of paying in cryptocurrencies as in salaries has been ruled out, not only in Asia but also in the United States. With little to go on, it is understandable why regulator and workers alive would be reluctant to pin their monetary hopes on a currency that looks more like property than a meaningful exchange medium.

It is no surprise that reluctance has been the predominant sentiment the world over. South Korea’s latest commitment to blockchain is a bid to salvage and work with the most reliable aspects of crypto money while keeping the risk at minimum.

It is not surprising that blockchain has garnered so much popularity in recent years. Even central banks and regulators have given a strong endorsement to these technologies and demanded from private banks to sally forth and ensure that start-ups, which offer a host of free and cheap services, are given a proper chance.

Blockchain is definitely the future of virtual money and there is no denying that. The speedy and secure medium of transfer that Blockchain is has made it largely popular. Beyond the desire to become rich overnight onset by the crypto mania, people have been looking into more long-term and meaningful solutions to prop themselves up and ensure that their money are safe.

Blockchain promises to do just that – keep your money safe and move it at a whim all over the financial network without a risk or worry that they may get lost or stolen. The brilliance of Blockchain has definitely been a thing to consider in the past, and it continues to be expanding and developing today.

About The Author
John M.

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