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Foreign media: South Korea's four top banks are considering offering cryptocurrency custody services in the next few months




1. Four of the top five banks in South Korea will launch cryptocurrency custody services.

2. The move is ahead of the government’s legislation targeting digital currencies.

3. Banks say there is a surge in demand for alternative assets like Bitcoin.

Foreign media: Bitcoin fractals suggest that Bitcoin may achieve exponential growth in the long run: According to an article published on November 29, according to the Bitcoin fractal of billionaire and legendary fund manager Paul Tudor Jones, the price of Bitcoin is in the early stages of a long-term rise Phase, like gold in the 1970s, could allow Bitcoin to achieve exponential growth over a longer period of time. The article pointed out that there are two main reasons why Bitcoin can follow the macro trend of gold in the 1970s. One is that Bitcoin's supply is fixed and cannot expand, making it an attractive hedge against inflation. Second, both Bitcoin and gold are safe-haven assets. (Cointelegraph) [2020/11/29 22:28:38]

South Korea is rapidly developing in the institutional cryptocurrency space. Four of the country’s top banks are considering offering regulated cryptocurrency custody services in the coming months, according to local publication MTN.

Foreign media: The spread of the new crown virus has investors flocking to bitcoin ATMs: Live Bitcoin News published an article saying that as many people fear the spread of the new crown virus, some people are flocking to the bitcoin ATM machine closest to them, hoping to obtain digital currency. These currencies might increase their wealth, or keep them safe during times of economic turmoil. Bitcoin ATMs operate through QR codes and private keys, ensuring users’ identities and funds are protected, and their security protocols are stronger to prevent theft or malicious attacks. Bitcoin ATM operator Digital Mint has acknowledged a drop in usage over the past few weeks, but is still attracting a steady flow of new and existing customers. Another company, Liberty X, has also started expanding its network. In just over a month, the number of its ATMs went from zero to hundreds. [2020/4/21]

The South Korean banks said they were interested in cryptocurrencies for two reasons: increased client demand and diversification. The top five banks collectively manage over $1.2 trillion in assets, and four of them (Woori, Shinhan, Kookmin, and Nonghyup) are now targeting the cryptocurrency space.

News | Foreign media: BB said it intends to introduce top social media influencers into Voice: According to CryptoSlate, a suspected screenshot of the remarks of CEO Brendan Blumer (BB) shows that he expects top social media influencers to Will be able to generate $50-$100 million in revenue from EOS’ new social media platform, Voice. BB seems to say in a conversation: "Think of it this way... If someone with 100 million followers moves to the Voice platform and brings 50 million followers, we predict that they will make $50 million to $100 million. That's a lot of impact. The net worth of influential people is even higher. Believe me, like you (you), we have also thought through this level and are currently saving marketing expenses to introduce these influential people at the right time.” CryptoSlate said that it has Verified to and BB, neither party has commented so far. [2019/6/13]

Shinhan and Woori announced their plans ahead of the release of South Korean government regulations targeting cryptocurrencies next year, the report said. On the list of legislation, it is proposed to tax cryptocurrency profits, report all transactions, and allow only licensed entities to operate and provide crypto services to customers.

NH Nonghyup Bank and Kookmin Bank have established blockchain “teams” to plan custody products. The report pointed out that the former even hopes to launch "advanced" features to attract wealthy people.

Shinhan had previously announced crypto custody services in 2017, when bitcoin prices in the country briefly hit $24,000, but the bank took no further action against the cryptocurrencies after receiving a legal notice.

Meanwhile, a South Korean economist said South Korea’s regulatory plans are “too little, too late” compared to what China and the U.S. are doing to regulate cryptocurrencies.

"Other countries are moving quickly in this regard. But South Korea still has no legal system, so progress has been slower than expected," said Park Sung-joon, head of Dongguk University's blockchain research center.

“I’m concerned about losing our competitiveness,” he said, adding that the support of “institutional investors” was essential before cryptocurrency regulation.

The South Korean government is raising the stakes when it comes to blockchain and digital currencies. The government has earmarked $400 million for research into distributed ledger systems in an attempt to emerge from the economic fallout of the COVID-19 pandemic.


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Foreign media: South Korea's four top banks are considering offering cryptocurrency custody services in the next few months

Summary: 1. Four of the top five banks in South Korea will launch cryptocurrency custody services.2. The move is ahead of the government’s legislation targeting digital currencies.3.

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