“What Can not Be Seen, it’s not Money”: The Bank of Korea Rejected Bitcoin

Representatives of the central bank of South Korea said that they can not recognize bitcoin and other digital assets as a means of payment.

The statement was made shortly after the National Assembly of the Republic of Korea held a parliamentary audit of the country’s central bank.
When asked about the expediency of regulating the sphere of crypto-currency,Bank of Korea governor Lee Ju-yeol stated the following:

“Regulation (for virtual currencies) is appropriate because it is regarded as a commodity, not at the level of legal currency,”
Lee said during an audit of the government by the National Assembly, the country’s legislative body.

“It is not a situation for the Bank of Korea to take such an action at the present,” he added.

 

In August, some legislators spoke out for tightening the rules applied to the exchange of crypto-currencies in South Korea due to the growth in trading volume.
During the legislative session, Lee admitted that the central bank could do more research in the field of digital currencies, such as cryptoconversion and blockchain.

“We also refer to a lot of virtual currency research conducted in countries like Sweden.
The Bank of Korea will also put more emphasis on virtual currency research,” he was quoted as saying.

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