The Prime Minister of South Korea thinks Bitcoin is harmful for kids

Korean Prime Minister recently talked against cryptocurrencies saying they lead young people to get into criminal schemes and financial pyramids
28 November 2017   471

Teenagers’ interest on Bitcoin and other digital currencies was discussed at country’s meeting cabinet.

Prime Minister Lee Nak-yon said students deals with cryptomarkets to get easy money, than it turns out they get involved in fraudulent crimes.

He says that if things continue, some pathological phenomena could appear. He also added that South Korea cryptocurrency exchange volumes transcend the small-cap Kosdaq index, which market price has already achieved 275 trillion won or $252 billion.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   128

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.