The Bank of Korea Forms Cryptocurrency Task Force

The task force will be led by Shin Ho-soon, deputy governor of BOK, with the assistance of bank’s payment and settlement system department
11 January 2018   870

The Bank of Korea (BOK) announced on Tuesday that it has launched a task force to study cryptocurrency and its effect on conventional financial system amid growing concerns over cryptocurrency frenzy.

The task force will be led by Shin Ho-soon, deputy governor of BOK, with the assistance of bank’s payment and settlement system department. A total of eight departments including financial stability and monetary policy at the central bank will join the group study on cryptocurrency’s impacts on overall financial system.

The BOK will also explore central bank-led cryptocurrency, a hot discussion topic at the Bank for International Settlements (BIS) and central banks around the world, on top of creating a new team that will specialize in virtual currency later this month.

Recently, we have reported that the South Korean tax investigation into exchange platforms caused a massive selloff in cryptocurrency market.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   167

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.