South Korea Post Service Seeks Crypto ‘Know-How’ From Goldman Sachs

Published at: Sept. 6, 2018

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

The service, which oversees an investment fund of $112 billion, said a meeting about crypto had already taken place with Goldman’s incoming chief executive, David Solomon, in New York. Speaking to the Bloomberg in an interview, the post service’s president Kang Seong-ju confirmed that  KP officials would also travel to Hong Kong to meet with Goldman’s dedicated cryptocurrency team there, which the banking giant set up earlier this year.

“I asked Goldman to pass on their know-how in the cryptocurrency area,” Kang told the publication, adding:

“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 ironic timing, with reports surfacing the same day that Goldman had shelved plans to offer cryptocurrency trading products. The revelation produced temporary volatility across cryptocurrency markets, Bitcoin losing up to $500 in minutes and going on to lose support at $6,500.

Unlike its future mentor, Bloomberg continues, KP has “no plans” for cryptocurrency investment of any sort, Kang nonetheless underscoring the general narrative that the phenomenon is one to grasp rather than avoid.

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

South Korea continues to formalize its cryptocurrency regulations, Cointelegraph reporting on how government debate currently revolves around the country’s controversial Initial Coin Offering (ICO) ban and the creation of a Malta-style ‘blockchain island.’

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