Bank of Korea doesn't recognize Bitcoin as currency

Representatives of the Bank of Korea (BOK) said that they can not recognize bitcoin and other digital assets as a means of payment
25 October 2017   2363

Representatives of the central bank of South Korea said that they can not recognize bitcoin and other digital assets as a means of payment. This is reported by Bitcoin.com.

The statement was made shortly after the National Assembly of the Republic of Korea held a parliamentary audit of the country's central bank. When asked about the expediency of regulating the sphere of crypto-currency, representatives of the central bank stated the following:

Regulation is appropriate for it because it is regarded as a commodity. It is not a regulation at the level of money…It is not a situation for the Bank of Korea to take action at present. The possibility that the central bank’s digital money will be issued in the near future is likely to become a means of payment specialized for interbank transactions or central bank transactions

Lee Joo-yeol 
Governor, BOK 

Representatives of the regulator also noted that digital currencies are likely to be considered only as a tool for interbank settlements and internal operations of the Bank of Korea.

Among other things, some representatives of the National Assembly from among the deputies from the South Korean Democratic Party noted that according to the results of the audit of the central bank, "bad conclusions" were made. In particular, the member of the Committee on Financial and Economic Planning, Son Yong Gil, criticized the bank's leadership for the lack of research in the field of digital currencies, including bitcoin and Ethereum.

There are more than 1,000 companies that can use bitcoin in Korea. However, the data provided [by BOK] shows insufficient numbers. Virtual currency and blockchains are important research subjects, if you neglect them, you can lose the future market.
 

Song Young-gil
Member, National Assembly’s Planning and Finance Committee

 

Franck Muller to Create Encrypto Bitcoin Watch

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand
23 May 2019   82

The Swiss luxury watch maker Franck Muller, in partnership with the cryptocurrency trading platform Regal Assets, launched Encrypto, the world's first functional bitcoin watch. This is reported by the Coindesk.

The main feature of Encrypto will be the possibility of "deep storage" of Bitcoin. So, along with the watch, customers will receive a USB wallet containing a private key to the wallet, the public key is applied to the watch face.

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand is also available in the online store of Franck Muller, as well as in the company store in Dubai. Along with traditional credit card and bank transfer, you can buy them for Bitcoins.

The company also reported that they are considering the possibility of issuing such watches with the support of other leading cryptocurrencies, including Ethereum and XRP.

In the beginning of the year it became known that the Swiss watch manufacturer A. Favre & Fils is developing a handmade mechanical watch with a built-in cryptocurrency wallet.