South Korea’s central bank, the Bank of Korea (BOK), has recently announced it is considering cryptocurrencies and blockchain applications for its project for a “cashless society,” local news TokenPost reports May 1. South Korea's central bank says cryptocurrency and blockchain will allow societies to become coinless. The South Korean gov't has been trying to get rid of coins for a long time, many methods have been suggested but it wants to go with cryptocurrency.https://t.co/k8DNdinbl9 — Joseph Young (@iamjosephyoung) May 1, 2018 According to TokenPost, BOK announced the official launch of its cash-free society pilot in its “2017 Payment Report” yesterday. …

This article does not contain investment advice or recommendations. Every investment and trading move involves risk. You should conduct your own research when making a decision. Bithumb, South Korea’s largest cryptocurrency exchange, is on a mission to drastically improve the adoption of digital currencies in the country and evolve into a bank-like business to ensure its users can use cryptocurrencies with ease, like cash. Kiosks, ATMs, and Major Integrations In 2018, within a four-month period, Bithumb has secured partnerships with the country’s third largest e-commerce platform, WeMakePrice, and the biggest local hotel booking platform, Yeogi Eottae. Both platforms are expected …

Bitcoin captured global curiosity when its’ value skyrocketed in 2017. Yet, financial institutions have been slow to add operational value to the crypto market. The common denominator among places where governments and banks have restrained digital markets is the lack of transparency and control they have in exchanges. Many research initiatives launched by global fintech leaders remain in developmental stages, while government officials and financial actors grapple with the learning curve of the new technology. The two biggest crypto concerns of global banks are debt liability from customers who have no protection from market volatility; and security risks associated with …

South Korean regulator the Financial Services Commission (FSC) said it would inspect three domestic banks servicing cryptocurrency exchanges to check compliance April 9. A statement confirms the banks will undergo inspections April 19 - 25, with regulators looking to ensure they are conforming to new anti-anonymity regulations introduced at the end of January this year. Cointelegraph previously reported on the steps taken by Seoul to remove anonymity and multiple trading accounts on domestic cryptocurrency exchanges. As part of the legislation, Koreans using exchanges to trade may only hold one account, the identity details of which must match their bank account. …

Anthony Lewis, research director at global banking consortium and enterprise software firm R3, predicted that a central bank issued digital currency (CBDC) will be implemented in 2018 in a panel discussion at Deconomy in South Korea April 4. “For wholesale use (of CBDC), I think we are looking at this year. We have had conversations with central banks who have mandates to fix certain payment problems, and one solution they look to is a Blockchain type of platform,” he said. CBDC is a digital currency issued by a central bank whose legal tender status depends on government regulation or law. …

Banking group Santander will be partnering with Ripple to release an international money transfer app using Ripple’s Blockchain xCurrent and RippleNet platforms, Business Insider reports today, March 24. When speaking about the upcoming app release at the International Fintech conference in London yesterday, March 23, Nathan Bostock, the UK CEO of Santander said: “This spring, if not [sic] one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with Blockchain technology.” At the end of January of this year, Ana Botin, the CEO of Santander, had mentioned the app launch …

South Korea’s Financial Services Commission (FSC) has announced that they will use Blockchain technologies for future fintech innovation by focusing on supporting new technologies as opposed to regulating them, local news outlet Korea JoongAng Daily reports today, March 21. Choi Jong-ku, the chairman of the FSC, said in relation to the impetus for the FSC announcement that “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.” Jong-ku added …

South Korea’s largest cryptocurrency exchange Bithumb has partnered with BitPay to compete in the international remittance market, an executive announced March 13. Speaking to CNBC about the deal, BitPay chief commercial officer Sonny Singh said businesses would now be able to convert invoices to Bitcoin and use BitPay to settle them faster and more cheaply than via conventional bank-based remittance channels. “Cross-border payments between Korea and the West will be a $200 bln industry this year,” he told the network. “Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about …

The South Korean government has banned its own officials from holding and trading cryptocurrency, which is considered to be ‘the first time the government has formulated a virtual currency ban for all public officials,” Maeil Business reported on March 1. According to Maeil Business, the Ministry of Personnel Management issued a document entitled "Virtual currency holdings and transaction-related information for civil servants" stating that officials who are found to be involved in cryptocurrency trading are “in violation of the prohibition of forbearance obligations under the civil servants’ law” and are subject to disciplinary actions, especially if the banned activities occur …

South Korean bank Woori Bank intends to introduce “commercialized” international remittances this year based on Ripple, a cryptocurrency-powered remittance network, local news outlet ChosunBiz reports Friday, Mar. 2. On the back of a positive test transaction by its Digital Strategy Department following initial tests in January, the bank is now looking to introduce Ripple’s technology to its worldwide remittances. The trial came about as part of a Japanese-based scheme involving Ripple and SBI Group, with 37 other institutions participating in the remittance test. Of these, along with at least 23 more involved in testing Blockchain remittances, the vast majority are …

Cryptocurrency exchanges in Malaysia must now fully identify traders after new central bank anti-money laundering legislation came into effect Tuesday, Feb. 27. A copy of the legislation and official press release from the Bank Negara Malaysia (BNM) states that any exchanges offering crypto-to-fiat, fiat-to-crypto and even crypto-to-crypto trading must “identify the customer and verify that customer’s identity.” As Cointelegraph reported in November 2017, forecasting the regulations, BNM Governor Tan Sri Muhammad bin Ibrahim placed emphasis on the need to control potential criminal usage of digital currencies. “The advent of digital currencies as some have forecast will mark the beginning of …

How large is South Korea’s influence in the crypto world? It is believed that after the U.S. and Japan, South Korea is the world’s largest market for cryptocurrencies. The population of South Korea is no more than California and Arizona put together, but it is the huge involvement of their numbers that to a large extent, dictates the value of cryptocurrencies worldwide. The speculation of cryptocurrency seems to have been irrationally overhyped and the government of South Korea now wants to take steps to curb the crypto craze in the country. How does South Korea sway cryptocurrency prices? To put …