Korea is not recognized the Bitcoin
The Korean Government has refused to recognize the Bitcoin as a real legal currency. The Korea Herald is writing about it. The official announcement was made after a week of debate among officials of the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service.
Officials said that Bitcoin and similar virtual currencies can’t be considered as a legal means of payment. This currency has been facing high volatility as it does not have an “intrinsic value,” given that there are no real indicators to measure it against. And Bitcoin does not meet standard regulations governing the transactions of currencies via the Internet or commercial institutions.
Thus, Korea has become the third country in Asia which has refused to recognize Bitcoin. Previously China and Thailand did the same. At that individuals and businessman’s are free to buy and use Bitcoin at their own risk. The Korean financial authorities only said that they will strengthen their monitoring of cyber currency trading as a means to prevent a misuse such as money laundering.
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Source: http://ecurrency.ec/2013/12/korea-is-not-recognized-the-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=korea-is-not-recognized-the-bitcoin
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