A brilliant week for virtual currencies as South Korea extends an “olive branch”
Following Bitcoins 10% price increase, there is another bit of good news that is set to see prices soar once more.
After a year of indecision and uncertainty around cryptocurrencies, the South Korean financial regulator has announced that it is restructuring so it is able to “proactively respond to financial innovation in the fourth industrial revolution era”.
In other words, it is looking to create an environment where Bitcoin, cryptocurrencies, and blockchain can grow and be nurtured instead of being suffocated under cumbersome regulatory restrictions.
The Financial Services Commission (FSC) has created the Financial Innovation Bureau which will be responsible for overseeing the burgeoning crypto market.
“The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era,” an FSC statement read. “The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.”
This news comes just after an earlier report from the International Financial Stability Board (FSB) of which South Korea is a member state. The report found that cryptocurrencies do not presently pose a material risk to the global financial system and it encouraged countries to take a softer approach towards regulating them.
This news can only impact the price of Bitcoin and other cryptocurrencies positively and it is expected that we will see the price continue to climb.