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South Korea Recruiting Blockchain Evaluators

The South Korean government’s Ministry of Information and Communication has announced the setting up of a blockchain evaluation team. citing a document released on 17 March. According to an official document, the ministry is accepting applications for 30 positions for its Blockchain National Participation Evaluation Team. The objective of the exercise is to share knowledge of its findings in its exploration …

Samsung Unveils Crypto Wallet, Dapps for Galaxy S10 Phone

Samsung Unveils Crypto Wallet, Dapps for Galaxy S10 Phone

Samsung Electronics has just revealed its Galaxy S10, and the latest flagship phone includes a cryptocurrency wallet compatible with Ether (ETH) and Ethereum-based ERC20 tokens. It was somewhat of a let down that Bitcoin is not yet supported, as the logo was apparent on the earlier pre-release presentation images. The wallet also supports four decentralized apps (Dapps) including merchant payments service …

Argentina Goes With Bitcoin to Settle Export Deal

Argentina Goes With Bitcoin to Settle Export Deal

Argentina has made history by recently completing an export deal with South American neighbor Paraguay using Bitcoin as payment. The export of pesticides and fumigation products has set an example for others in the region, showing that cryptocurrency has the potential to act as a credible form of payment at the international trade level as well as between individual users. …

South Korea Telecom Company to Launch Local Crypto

KT Corporation, South Korea’s largest telecom company, has been given the contract to launch a local cryptocurrency in Gimpo area. The report claims that a pilot project will be carried out in the next month. The new digital currency, K Token, will be introduced in April. Tokens worth KRW 11 billion (USD 9.7 million) will be issued per year by the …

South Korea’s “Sampo Generation” Find Escape in Crypto Amid Rigid Society

South Korea's _Sampo Generation_ Find Escape in Crypto Amid Rigid Society

For many of South Korea’s millennials, cryptocurrency has proven the only way to escape the rigors of the country’s social demands. Many of South Korea’s young are now calling themselves “dirt spoons”, a reference in South Korea to economic and social status, with gold and silver spoons being the best off and dirt spoons being the worst. Older Koreans refer …

Bank of Korea: CBDC Could Threaten Commercial Bank Stability

CBDC Could Threaten Financial Stability of Commercial Banks, Says Bank of Korea

The Bank of Korea (BOK) has said that the introduction of a state-owned and issued digital currency in the form of central bank digital currency (CBDC) in South Korea could possibly zero-out commercial banks, reports Yonhap News Agency. According to the source, the BOK published a report expressing concerns with low deposits demands into commercial banks that may result from …

Report: Japan, South Korea Playground for Bad Actors in 2018

Report: Japan, South Korea Playground for Bad Actors in 2018

The latest CipherTrace report into cybercrime has revealed that much of the USD 1.7 billion worth of cryptocurrency stolen in 2018 came from the Asian Bitcoin arena of Japan and South Korea. In the “Cryptocurrency Anti-Money Laundering Report, 2018 Q4”, it is stated that out of the funds either stolen through hack or scams, about USD 950 million came from cyber …

Bank of Korea Says No Urgent Need for CBDC

Bank of Korea Says No Urgent Need for CBDC

South Korean news agency The Korean Herald reported today that the nation’s central bank has said it has no plans of issuing a digital currency in the near future. Cryptocurrency has taken center stage in many financial institutions around the globe and has found its way into major economic discussions in recent times, this includes the World Economic Forum held …

South Korean Crypto Exchanges Combine to Tighten AML Security

South Korean Crypto Exchanges Combine to Tighten AML Security

South Korean exchanges Coinone, Corbit, Upbit, and Bithumb have joined in implementing heightened levels of anti-money laundering (AML) security in view of high-level hacks over time. Despite the country’s high level of regulation, requiring companies offering cryptocurrency products to implement AML security, hackers have proven to find ways of infiltrating some exchanges’ safeguards. The four exchanges will focus on activities …

South Korean District Implements Public Proposal Evaluation on Blockchain

Public Proposal Evaluation

A report from local media outlet Newsis stated that Yeongdeungpo-gu district of South Korea has implemented blockchain technology in its proposal evaluation system to further improve transparency of its administrative processes. The blockchain-based system is the first of its kind in the region to apply such technology. It will incorporate the immutability and data legitimacy aspects of the blockchain into various …

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