South Korea Has No Intention to Ban Cryptocurrency Exchanges

South Korea’s finance minister has confirmed that the government has no plans to shut down cryptocurrency trading or exchange platforms
31 January 2018   1088

South Korea has become one of the main markets for cryptocurrency, yielding, probably, only Japan and China. Therefore, it is not surprising that the government was forced to deal with the regulation of a new industry that gained popularity in just a few months, after the outflow of traders and start-ups from China.

Today, after a few weeks of panic and confusion among Korean traders and investors, who fear a complete state ban on cryptocurrency trading (similar to China’s tough action in blocking virtual coin platforms), South Korea's finance minister said that the government is not going to set barriers to the cryptocurrency market.

 As it is indicated in the report by Reuters, South Korea’s finance minister Kim Dong-yeon said: «There is no intention to ban or suppress cryptocurrency market».

He also commented on contradictory statements by government officials from several ministries who partly supported and partly rejected the ban on the cryptocurrency exchanges, which was proposed by the Korea’s Justice Ministry.

On the same day with proposing to shut down all domestic cryptocurrency exchanges, Korea’s justice ministry was forced to soften its stance on the ban proposal after the backlash and called it  “not a finalized decision”. The Justice Ministry found little support from other governmental ministries including the Ministry of Finance which refused to support a trading ban on cryptocurrency market.

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   79

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.