PBOC Can Change Its Opinion of Crypto

Experts believe that the new head of the People's Bank of China (PBOC) can direct the regulatory policy of the agency in a different direction
20 March 2018   522

Yi Gang, who was "unexpectedly" appointed as Governor of the People's Bank, had already spoken about Bitcoin in a positive way. This is reported by Cointelegraph.

So, in 2013 he said that the major cryptocurrency cannot be legally recognized by the PBOC in the near future. However, at the same time, he recognized the transactional potential of Bitcoin, adding that, “ordinary people have the freedom to participate.”

In addition, unlike the deputy head of the People's Bank, who said last December that Bitcoin was destined to "die" Gang said that the crypto currency would attract public attention for a long time.

According to Tommy Xie who represents China in Singapore's OCBC Bank, for several years now the new governor has made a significant contribution to the country's economic reforms.

Currently, China's policy towards the crypto-currencies remains unchanged - the country is banned ICO and any exchanges.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.