A new set of a bill proposed to legalize and regulate the cryptocurrency Bitcoin in South Korea.
According to the reports the Rep. Park Yong-Jin, the member of the ruling Democratic Party of the country is preparing a legal framework for bitcoin and other virtual currencies.
The South Korean Financial Supervisory Commission is taking a major step to examine the cryptocurrencies well. In which a team has been given a task to study the similar cases related to digital currency overseas to decide whether the regulation is necessary or not needed. Nothing has been finalized, taking the legislation on the bitcoin status in the country.
South Korea is not the only country to think over the regulation of bitcoin in the country. There are countries such as India, Southeast Asia country (Thailand) where the discussion is about to examine the bitcoin and other cryptocurrencies and decide whether to regulate bitcoin in their country or not.
Where these countries are studying the bitcoin, the Korean Financial Supervisory Commission noted that the Japan stand out by revising its law to regulate digital currency.
The top bitcoin exchange gets $5.8 million per day by trading. The country has been figured out as the world’s largest bitcoin trading market of 2017. Approx. 8.5% of total bitcoin has been traded in a day from South Korea. Click here to know more about #buy bitcoin in india.
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