KIF proposed to issue crypto version of won

Lee Dae-ki, senior researcher at the Korean Institute of Finance belives that "cryptowon" has many advantages 
26 December 2017   631

Senior researcher at the Korean Institute of Finance (KIF) called on the country's central bank to issue a crypto version of the currency on the blockchain. This is reported by the Korea Times.

Lee Dae-ki offers the bank a "serious thought" about releasing a tokenized version of the South Korean won. In his opinion, this will reduce costs, increase transparency and simplify the process of gaining access to financial services for citizens of the country.

Technology based on blockchain, the distributed accounting database, will show great promise in enabling central banks to improve their defenses against cyber attacks and overall the way payments are conducted between institutions and consumers.

Lee Dae-ki 

Seniour researcher, Korean Institute of Finance

According to Lee, the central bank vainly ignores this possibility, as it can help modernize the banking industry as a whole.

Regular currency or commodity regulating cryptocurrencies such as bitcoin are, in part, held back by the government's growing inability to officially name what it actually is. Some countries regard digital coins as commodity, while other places are treating them as regular money. That's why there are limits for virtual currencies to be widely used as a platform for value exchange.

Lee Dae-ki 

Seniour researcher, Korean Institute of Finance

The analyst believes that the difficulties recently encountered by traders after the ban of ICO and tightening of the requirements for exchanges are due to the fact that the crypto-currencies do not have a legal status in South Korea. 

SEC to Cease Simex Securitites Trading

As reported, under the federal securities laws the SEC can suspend trading in a stock for 10 days
23 October 2018   41

The US Securities and Exchange Commission (SEC) suspended trading in securities of the American Retail Group (OTC: ARGB), also known as Simex, Inc. This is reported on the website of the agency.

According to representatives of the regulator, the decision was caused by false statements by the company about partnership with a “qualified and approved custodian”. The company also conducted an ICO, which allegedly "officially registered in accordance with the requirements of the SEC."

The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

As reported, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Also earlier this month, the American regulator recommended investors to "be vigilant when considering the possibility of investing in the ICO."