My Thoughts:
South Korea's Central Bank Monitoring Blockchain for Regulation?
So I was looking around on the Coindesk news section and I found an article of interest. See the idea of cryptocurries taking over most legal tender has been a thought now and again. I think this kind of currency is the way of the future. Others do not.
Neither does the Central Bank of South Korea, but they have decided to monitor blockchain for market volatility. They also talk about employing some kind of regulation system. They say the regulation system will not hinder innovation. You can expect they'll want to find a way to get more transparency when it comes to transactions. They plan to closely monitor various global financial institutions and startups. This could have some serious benefits.
With Bitcoin and other cryptocurrencies we have things like Blockchain to monitor transactions. We can tell where they came from and where they are going. There are millions of transactions taking place. That's a lot of cash trading hands and wealth being created from nothing. So in terms of the economy, it does affect it. Governments and Global Organizations should take this a bit more seriously, not saying there aren't some that do already. It's definitely worth the thought. Anyway just thought I'd give you guys some brain food.
Seoul image via Shutterstock
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