A recent announcement made by the Bank of Korea sent signals that cryptocurrency may have brighter days in South Korea soon.
South Korea’s Financial Supervisory Service (FSS) has advised local regulatory agencies and companies to work towards increasing an integrated blockchain system for stock transactions.
FSS regulates institutions that operate in the South Korean Financial Services Industry. The site contains press releases, publications, statistics, and laws.
The report decided that a blockchain-based system would increase the efficiency, integrity, and security of tracking and store transactions. The report also added that existing conventional systems that use a central ledger are both less proficient and more danger to hackers.
A blockchain-based system, on the other hand, can keep a common digital ledger of transaction data on a system of computers to make sure security is maintained and preserved transaction records more correctly while processing transactions more quickly.
The FSS further stated that foreign stock operators are already moving forward on using blockchain to issue shares and maintain records.
As per CCN report, this news marks the newest legislative effort in South Korea with focus on cryptocurrency and tax. The report also noted that the examination of blockchain in South Korea has recently started and that cooperation between private and public companies would be important to the achievement of any future system.
The Korea Exchange’s KRX Start-up Market intends to grasp blockchain to settle the transactions of unlisted companies that are traded on the course.
According to Korea Securities Depository, shaping a blockchain system using an electronic voting system used by shareholders of listed companies will remove the barriers and will have an important impact in the development of digital currencies on the country’s financial setting.
There should be no obstacle between public institutions and private companies in building up a blockchain system, the Financial Supervisory Service said.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]