Source. According to The Korean Herald, NH Bank has signed a memorandum of understanding with Hexlant and Bae, Kim & Lee to set up an institution that focuses on the research as well as the development of cryptocurrency exchanges.. The Senior Vice President of the NH Bank, Jang Seung-hyun commented about the bank’s latest venture and said, “Through the consortium, we will step up efforts. Bitcoin Regulation in South Korea. Breaking News, Choe Heung-sik, South Korea's Financial Supervisory Service (FSS) chief has just announced that the government would support cryptocurrency trading. According to recent reports the government has declared it would support the cryptocurrency industry to develop in the country. As reported by The Korean Herald’s wing The Investor, South Korean regulators are considering to tightening the regulations of Bitcoin and all other cryptocurrencies. Conversely on the positive side, these regulations might tone down the ICO ban in the country. The regulators’ primary concern is the use of the cryptocurrencies as a money.
Bitcoin korean heraldSouth Korea's “Digital New Deal” Prioritizes AI and 5G
With estimates putting the average price discrepancy at about 20 percent, the buying frenzy in the country could be partially driven by Chinese buyers who are looking for a place to buy the digital currency after the ban on local turf in September. The South Korean government has been actively discouraging speculation and warned that even school children have been purchasing Bitcoin. According to price data from Coinmarketcap.
The premium that South Koreans are paying is due to the difficulties in executing foreign currency transactions. The South Korean won is a managed peg and commissions that local banks are charring to exchange funds into foreign currency are prompting crypto buyers to use local exchanges.
The demand for bitcoin in the country is materially higher when compared to other places due to the fast adoption of digital technologies in the country.
The Best Free Investment You'll Ever Make Our analysts have traveled the world over, dedicated to finding the best and most profitable investments in the global energy markets. All you have to do to join our Energy and Capital investment community is sign up for the daily newsletter below. Of course everyone is not on board with government subsidies for the tech industries. Washington subsidy and entitlement programs typically have a never-ending lifespan and often open the door to increased federal regulatory intervention.
That kind of political meddling could also displace private-sector investment efforts or result in technological favoritism by promoting one set of technologies or providers over another. Moreover, subsidy programs are unnecessary in an environment of technological competition, characterized by both proliferating consumer choices and uncertain market demand for new services.
Finally, perhaps the leading argument against the creation of a dDgital New Deal is that by inviting the feds to act as a market facilitator, the industry runs the risk of becoming more politicized over time. Nevertheless, with the official introduction now of the South Korean Digital New Deal we have to wonder if other similar Digital New Deal programs will pop up elsewhere around the world.
If they do, investors in AI and 5G technologies will be the biggest winners right off the bat. Both AI and 5G development have already taken much longer than people were expecting.
This has sent many early investors crashing into disillusionment. I explain this phenomenon in much more depth here in a previous Energy and Capital article. But both technologies are the inevitable future. And both would be among the top priories in national Digital New Deals. I'm kind of surprised, there is no major politician on either side here in the U.
Seems like long-hanging fruit that has yet to be plucked, if you ask me. I mean, it's a concept most people can easily wrap their minds around especially already having Green New Deals as a reference , makes for a good hashtag, and it can be heavily politicized, meaning it might even provide an opportunity for career building — AOC built her name on a Green New Deal, someone else might be able to the same with a Digital New Deal.
I don't know. I'm not a political strategist. But what I do know is that if Digital New Deals are part of more national agendas, today's AI and 5G investors are sitting in the catbird seat.
Again, I recommend taking a look at the article I mentioned earlier. The development of AI and 5G has taken longer than most people hoped. But they both will be a major part of our lives in the future. To set the regulatory rules, the South Korean government also set up a task force earlier this week, and this time the Ministry of Justice is leading the team, not the regulators. The government is also considering to lift the blanket ban on the ICOs and might allow it for the professional investors.
Addressing the issue of the controversial ICOs, Mr. So considering its risk and technology expertise, it is right for professional investors to do an ICO, not regular citizens who are not informed of its technology and complicity.