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Bitcoins and Korea

Oct 04, 2017 Posted /  2163 Views

Bitcoins and Korea

Bitcoins and Korea

In 1945 Korea was divided into two separate sovereign states which are North Korea and South Korea.  

While South Korea has always contributed a great deal in the total market cap of cryptocurrencies like bitcoin, North Korea has been in news for various suspicious reasons.

Bitcoin and South Korea

1.  Over taking China 

News that should not be unexpected is that South Korea has surpassed China in totality of Bitcoin trading volume. The alteration in the processing of transactions points toward the traders has shifted in the direction of South Korea. The biggest exchange in South Korea has practiced more transactions than Bitfinex and Bittrex.

2. Taking away bitcoin is Illegal

From an individual, the police detained 216 Bitcoins that was alleged to be involved in unlawful activities with the digital currency, it was ruled by a South Korean court that the seizure was illegal. The Suwon district court placed a revolutionary example in legitimizing the seizer, by ruling that Bitcoin and allied digital currencies are not issued to confiscation.

3. Firm rules on Bitcoins

The South Korean digital currency task force conducted a mutual meeting in September 2017 to talk about the foreword of firm regulations and keep an eye on of virtual currencies, as well as for Bitcoin. The task force is comprised of the country’s financial regulators, central bank, and cryptocurrency companies.

4. A huge market for bitcoin

South Korea has formally legalized international Bitcoin transactions and is on the border of giving a regulatory outline for Bitcoin trading platforms along with exchanges. Representative Park Yong-jin, On July 3, of the ruling Democratic Party of Korea had opened up that the South Korean government is all set to legalize the Bitcoin market.

5. Becoming a powerhouse

South Korea is becoming a Bitcoin powerhouse in a view for the facts that are related to the liquidity, trading volumes and activities. It has also become one of the major Bitcoin exchange markets in the world.

Bitcoin and North Korea

1. North Korea en routes for Bitcoin for Cash

According to Recorded Future, which is an intelligence research firm supported by Google Venture, Pyongyang is making a raid into cyberspace, by launching a bitcoin mining operation which saw a remarkable spike in its actions during mid-May period.

Even though the bitcoin activities amounts to only a token amount of funds at the moment, there is a noteworthy possiblity for it to turn out to be a main source of income for the government, the company said.

2. Targeting bitcoin exchange platforms for hacking

North Korean hackers have been aiming on the South Korean cryptocurrency exchanges. According to a report by the security company FireEye Inc, it has stated that South Korean cryptocurrency exchanges have come under the assault at least 3 times in recent months. Researchers consider the North Korean hacking group behind these harassments is functioning alongside the Kim Jong-un administration.

3. Commencement of bitcoin mining

There have been reports that North Korea has started to mine bitcoins so as to generate funds and also to ward off the restrictions which has been put on it.

4. North Korea's fear

If North Korea succeeds in generating bitcoins and other currency, it has not to rely upon its fiat currency for the finance. The UN has also imposed sanctions on North Korea, due to which the North Korea is going through a financial havoc.

5. Always on the suspicion

It has always in the news about conducting various cyberattacks. North Korea, a few days back was accused of allegedly transferring around $1 billion from Bangladesh’s bank into New York Fed via Swift messaging networks and other reports also suggest that the Wanna cry ransom malicious virus has its base from North Korea, which had attacked numerous of Computers and their personal information about money transaction was stolen.

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Tags: Korean Bitcoins Bitcoins in Korea Bitcoin price in Korea

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