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   768

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

 

Arizona to Protect Crypto Nodes Legally

According to the public records, proposed protections for cryptocurrency node operators are moving ahead in Arizona's legislature
21 February 2018   44

On February 6 House Bill 2602 was filed by Representative Jeff Weninger (R.-17). It passed the Arizona House of Representatives on February 20 with 55 out of 60 votes. Now it will be sent to the State Senate.

The bill will prevent governments in the state from imposing restrictions on people who run nodes in their residences.

The bill does not specify whether it is restricted to cryptocurrency miners. However, the bill states that individuals using computing power to either validate or encrypt a transaction on a blockchain are protected.

This is just one out several bills making their way through the Arizona legislature. Another bill by Weninger would formally define the terms "coin", "blockchain," and "initial coin offering" within the state's legal framework.

Another bill recently passed by the Arizona Senate which would empower the state government to accept taxes in bitcoin and other cryptocurrencies.