South Korea’s Government Responded to the Petition

The South Korean government has officially responded to the petition against unfair cryptocurrency regulations
14 February 2018   98

The South Korean government answered the petition entitled “Has the government ever dreamed a happy dream for the people?” It was filed on December 28. This petition claims the government to avoid excessive regulations for cryptocurrencies in the country and asks not to make unfair regulations on crypto investments.

By January 27, the petition was signed by 228,295 people. According to the rules set by the Blue House, the government must respond to any petition with over 200,000 signatures within a month.

It is the basic policy of the government to prevent illegal acts and uncertainties in the process of virtual currency transactions, and actively nurture blockchain technology…Transparency of virtual currency transactions within the framework of the current law is a top priority…We have been attentive and careful, keeping an open eye on market conditions, international trends, and all means.

Hong Nam-ki

Minister of the Office for Government Policy Coordination

In the middle of December, the Korean government started announcing regulatory measures for cryptocurrencies. Since then, the regulators implemented the real-name system on January 30.

The Korean Ministry of Justice proposed the most extreme measures including an outright ban on cryptocurrency trading. However, other ministers did not support such measures.

At the moment, regulators are developing the ways to tax crypto. There will be an official announcement within the first half of the year.

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   124

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.