South Korea will test out a new blockchain voting system this month, sources close to the developments have confirmed to Bitcoin Magazine. Developed by the country’s National Election Commission (NEC) and its Ministry of Science and ICT, the distributed ledger system is based on IBM’s Hyperledger Fabric and will be used to authenticate voters and save voting results in real time.
South Korean officials believe a blockchain voting system will increase both security and transparency, thereby improving people’s trust in digital voting.
South Korea’s leading technology university, the Korea Advanced Institute of Science and Technology (KAIST), is working with Theta Labs, the first blockchain-based video delivery system, to introduce students to an entirely new set of coursework regarding the applications of blockchain technology.
“We’re kicking things off with a seminar at the electrical engineering school this Friday [the 16th] where we’ll be providing a high-level overview of blockchain technology and current trends in development,” Theta Labs CEO Mitch Liu told Bitcoin Magazine.
South Korea is a very interesting region when it comes to cryptocurrencies. In most cases, there is nothing but positive news first and foremost. At the same time, local regulators are looking for ways to ensure the industry gains more legitimacy. This has forced the first cryptocurrency fund in the country to shut down effective immediately.
A Major Setback in South Korea
Most cryptocurrency enthusiasts look at South Korea as a bastion of proactive regulation.
In what’s turning out to be a popular trend, Bitstamp cryptocurrency exchange has been acquired by a South Korean investment firm. Bitstamp, which is the oldest major exchange in the world, disclosed the deal today, October 29. NXC, the South Korean tech investment giant made the purchase through its Belgium-based subsidiary, NXMH. The purchase comes a year after the firm purchased a controlling stake in South Korea’s Korbit crypto exchange. As revealed by Bitstamp’s CEO, there had been a number of interested investors, but Bitstamp settled on NXMH as it gave it the chance to retain its operational structure.
South Korean cryptocurrency exchange GOPAX has become the first blockchain company to attain K-ISMS certification, the official standard in Korea for information security management systems. This is an important sign of approval by the Korean government regarding GOPAX’s cybersecurity infrastructure.
K-ISMS certification is an official domestic standard regarding the establishment, management and operation of information security systems for selected industries including server hosts, portal services and internet service providers.
South Korean exchange Youbit announced on its website today that it is closing down after a hack early Tuesday, December 19, 2017, that resulted in the loss of 17 percent of its assets.
The exchange, previously known as Yapizon, did not indicate how many bitcoins or other cryptocurrencies were stolen or what the total fiat value of the attack amounted to, but it was enough to lead to bankruptcy.
The South Korean cryptocurrency market has pushed the Ripple price up 71 percent over the past 24 hours, triggered by the Ripple blockchain-based payment trial conducted by Japanese and South Korean banks.
According to a report by Chosun, a leading mainstream news publication in South Korea, the South Korean government is planning to allow initial coin offerings (ICOs) in the near future, with strict regulations and policies in place.
South Korean authorities are reportedly close to putting the final touches on regulations for bitcoin and cryptocurrency exchanges.
The Financial Services Commission (FSC), South Korea’s financial regulator and authority, is outlining regulations that will mandate cryptocurrency exchanges to play by its rules.
The regulator publicly revealed its intention to introduce regulations for bitcoin exchanges last year with a focus on regulatory and licensing parameters.
Bitcoin price has surpassed $12,000 in both South Korea and Japan, two major bitcoin markets that are accountable for approximately 74 percent of global bitcoin trades.
South Korea: $12,653
In South Korea, bitcoin is being traded with a premium of over $1,270, a 12 percent premium rate.
South Korea’s prime minister is worried that the rising interest in cryptocurrencies like bitcoin could lead the country’s youth getting involved in drug dealing and pyramid schemes.
South Korean prime minister Lee Nak-yon reportedly discussed the growing embrace of cryptocurrencies by younger generations at a cabinet meeting on Tuesday.
The bitcoin price has achieved a new all-time high for the second time this week at $8,668, with strong momentum led by Japan and South Korea.
Over the past few days, the two largest bitcoin markets demonstrated trades with significantly high premiums.
Shinhan, the second largest commercial bank in South Korea by market valuation and consumer base, has initiated the testing phase of its bitcoin vault and wallet services.
Why a Major South Korean Bank Decided to Launch a Bitcoin Vault and Wallet Platform
A representative of Shinhan Bank told Naver News, a media outlet operated by South Korea’s most widely used search engine, that the bank has come to a corporate decision to launch a bitcoin vault and wallet platform as a response to the recent hacking attacks of leading South Korean cryptocurrency exchanges including Bithumb.
The global average bitcoin price has surpassed $8,300 earlier today, on November 24, as the South Korean market demonstrated trades with a premium rate of around 5 percent.
Since then, the price of bitcoin has fallen to $8,150, experiencing a slight correction.
South Korea’s financial regulator and watchdog has no intention of regulating bitcoin trading or supervising bitcoin exchanges, a local report has confirmed.
Speaking to reporters on Thursday, South Korea’s Financial Supervisory Service (FSS) chief Chloe Heung-sik revealed bitcoin isn’t deemed a “legitimate currency” in the country and, as a result, will not be supervised not regulated by the authority.
According to a Korea Times report, Choe said the government does not classify digital currencies or tokens as payment instruments and see them as ‘subjects of speculation’ instead.
Seven individuals in the South Korean province of Jeonbuk have been arrested for running a large-scale $38 million scam, alluring middle-aged investors into a ponzi scheme.
The group targeted new investors in the cryptocurrency market that had no underlying knowledge or understanding of bitcoin or other cryptocurrencies. It promised investors to pay out 180 percent in profit on a regular basis, if they invest using bitcoin.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...