South Korea-based fintech firm BxB Inc. has launched the first supposed stablecoin backed by the Korean won, according to a press release shared with Cointelegraph on Jan 29. There was an initial beta soft launch of the coin on Airswap, a decentralized exchange platform, before the tokens were released on the global and Korean exchange, according to a Medium blog post by the co-Founder of BxB Inc, Alex Friedberg, earlier this month. The coin, KRWb, is reportedly the first stablecoin produced in South Korea to be backed by the national currency, the won. The coin is purportedly supported with the …

South Korea's central bank, the Bank of Korea (BOK), says it won’t be issuing a central bank digital currency (CBDC) in the near term, local English-language newspaper the Korea Herald reports Jan. 29. Having conducted a study into the prospects for domestic CBDC issuance, the BOK has reportedly concluded there is no urgent need to pursue such a project in the close future. An unnamed BOK official told the Korea Herald that the study was focused on examining the possible legal and social effectiveness of CBDCs from a wide perspective, adding that: "We have no plans to issue any type …

Four major South Korean cryptocurrency exchanges have reportedly joined their forces in order to combat money laundering, sources told local news agency The Korea Herald on Monday, Jan. 28. Quoting a report from South Korean news outlet Yonhap, the articles notes that Bithumb, Upbit, Korbit and Coinone have reportedly established a hotline where users can share information on any unusual trading or payments that could possibly be related to crimes, such as pyramid schemes. According to an anonymous representative of one of the operators, the exchanges will thereby be able to instantly check any suspicious transactions and immediately block the …

On Jan. 23, the United Kingdom’s Financial Conduct Authority’s (FCA), the domestic financial regulator, released a 50-page-long consultation paper dubbed “Guidance on Cryptoassets.” As the U.K. seems to be moving closer toward rolling out a definitive regulatory framework, it is time to reassess how other crypto markets, specifically the major ones, are dealing with cryptocurrencies on the juridical level. “Guidance on Cryptoassets,” reviewed: How the U.K. is going to deal with virtual currencies Given the tone of the new FCA paper, the U.K. government seems to be leaning toward a rather neutral approach for cryptocurrencies. The primary goal of the …

Two leaders of the South Korean cryptocurrency exchange Komid were reportedly sentenced to serve jail time for faking exchange volumes, Korean crypto media outlet blockinpress reports on Jan. 18. The exchange’s CEO, surnamed Choi, received a three-year sentence, while another company leader with an unspecified role was purportedly sentenced to two years imprisonment for fraud, embezzlement and misconduct, the article notes. The charges reportedly outline a scheme where the exchange faked 5 million transactions in order to inflate the volume, which reportedly earned them $45 million. It is also suspected that the company used a bot to automatically create large …

A district in the South Korean capital has announced it will apply blockchain to its proposal evaluation system, privately owned local news agency Newsis reports on Jan. 16 According to the article, South Korea’s Yeongdeungpo-gu — an administrative district in southwest Seoul — aims to strengthen its administrative transparency by applying a blockchain-based evaluation system. The system will also help to avoid falsifications within the various public service bidding company selection procedures, the publication notes. The blockchain-based application will be used throughout all proposal evaluation projects in the district in 2019, with plans to expand to the whole department, as …

Global technology giant IBM will use its blockchain platform to monitor and trace supplies of cobalt from the Democratic Republic of Congo, the company confirmed in a press release on Jan. 15. IBM, which has already used the in-house IBM Blockchain platform built on the Hyperledger Fabric in multiple use case environments, will now target the rapidly expanding supplies of cobalt needed for electric cars and consumer devices. The scheme will run in tandem with motor company Ford, South Korean cathode maker LG Chem and China’s Huayou Cobalt. RCS Global, a multinational responsible sourcing company, will also monitor the proceedings. …

South Korea’s government has added blockchain to the fields of research and development eligible for a tax credit meant to boost innovation, English-language local media TheNews.Asia reports on Jan. 8. The local Ministry of Strategy and Finance announced the proposed changes to the enforcement decree of last year’s tax law, which will be enforced in February. The proposed amendments also include among the eligible fields wearable robots and fine dust reduction technology. According to the aforementioned article, a result of this amendment will be that 30 to 40 percent of the research and development expenses of small enterprises and 20 …

Mongolia’s capital city of Ulaanbaatar has partnered with a stablecoin company to release instant money transfer and lending services, Asia's largest tech media platform e27 reported on Jan. 11. Ulaanbaatar City’s administration has agreed to partner with a South Korean blockchain company, dubbed Terra, in order to eventually replace the current payment methods for utility bill and government subsidies with the Terra stablecoin, according to the publication. The pilot program is scheduled to be launched within the next six months, and will start in the city of Ulaanbaatar’s Nalaikh District, with plans to expand throughout the whole city. The article …

Some of South Korea’s biggest cryptocurrency exchanges have passed a government security audit, but the majority could be exposed to attacks, local tech news outlet ZDNet reported on Jan 10. Bithumb, Coinone and Korbit, in addition to four other major exchanges, satisfied investigators during the audit, which took place between September and December 2018. Of the tranche of 21 platforms involved, however, the remaining 14 failed to meet the criteria for suitable security procedures. South Korea previously had one of the world’s most active cryptocurrency trading economies before regulatory upheaval saw consumer habits dramatically change in late 2017. In the …

Top Stories This Week Nvidia Faces Class Action Lawsuit Over Losses After Lower GPU Mining Demand Graphics processing unit (GPU) producer Nvidia is currently facing a class action lawsuit over losses that the company reported when lower crypto prices lowered demand for GPUs by miners. The Schall law firm announced the lawsuit this week, with the complaint alleging that Nvidia made false and misleading statements to the market. Schall noted that since the GPU producer claimed that drop off in demand for GPU on miners would not negatively affect the business, the lawsuit has merit. Altcoin Bitcoin Private Team Confirms …

South Korean electronics giant Samsung is apparently seeking a trademark in the United Kingdom for a cryptocurrency wallet, according to a Dec. 27 filing with the U.K. Intellectual Property Office. In the “Classes and terms” section of the application, Samsung cites such developments as “Computer software for use as a cryptocurrency wallet; Computer software for cryptocurrency transfer and payment using blockchain technology; Computer application software for smartphones, namely, software to allow users to transfer cryptocurrency based on blockchain technology and pay via 3rd party’s application software.” The application follows rumors — subsequently refuted by Samsung — that the company has …