What does the South Korean Bank's Crypto-Portfolio tell us?
According to the Central Bank of South Korea, the cryptocurrency portfolio of internal banks is still at a lower rate as it was in December 2017 - US $ 1.79 billion.
According to the Korean Bank (BOK) 2017, the South Korean banks' crypto portfolio has a relatively small share of their assets, which is 1.79 billion US dollars.
In the last months of 2017, the Korean banks were still not that interested in crypto investing despite the global interest in digital money. According to the Bank of Korea, banks' investments in digital assets totally account for South Korean deposits of $ 23.33 billion - only 8%.
"Compared to other stock exchanges, investments are not so big in cryptos, and if we compare the risk of local financial institutions to digital assets, the difference is insignificant. That's why we believe that cryptos will have a limited impact on the South Korean financial market," said the Korean Bank.
At the beginning of the previous year, the price of bitcoin was only $ 2,000, and in December it reached 20 000 $. Because of such rapid growth, investors were keenly interested in cryptros, which led to the "overheating" of the market.
In order to protect investors from fraudulent transactions and speculative ideas, the South Korean government has introduced regulations, including personalized accounting systems, prohibiting investment in juveniles for minors and various ways to increase market transparency and control.
In addition, they will also consider tax payments as a sales tax or capital gains tax on credit cards.
Last week the South Korean authorities finally realized the cryptographic industry by issuing the classification system on cryptos and the blockchain. The Financial Services Commission (FSC) started to alleviate the regulations.
At the same time, G20 member countries are working on the creation of uniform regulations on cryptos.
"The Financial Services Commission has made changes and has tightened the policy of eliminationg or recognizing money laundering and illegal activities because the regulator is not in the forefront of the cryptos," said the Financial Services Commissioner.
The announcement was made after FSC said that it would begin to monitor bank accounts from which cryptrocurrency transactions are going on, especially those from foreign and domestic traders. The purpose of this is to control the exchange of digital currencies in South Korea.
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