[2017-10-25]Bank of Korea Criticized, Does Not Recognize Bitcoin as Currency

Bank of Korea Governor: Bitcoin is Not Currency
The National Assembly of the Republic of Korea conducted a parliamentary audit of the Bank of Korea (BOK) on Monday. During the hearing, the bank’s governor Lee Joo-yeol told lawmakers that he cannot recognize digital currencies including bitcoin as currency, according to local publications.

Is it possible to see virtual money as a currency?” Lee was asked. He responded, “it is difficult to look at the example of the International Settlement Banks (BIS) in terms of money,” Yonhap News reported. Regarding the need to regulate digital currency, he said:

Regulation is appropriate for it because it is regarded as a commodity. It is not a regulation at the level of money…It is not a situation for the Bank of Korea to take action at present.
In addition, Lee said that “the possibility that the central bank’s digital money will be issued in the near future is likely to become a means of payment specialized for interbank transactions or central bank transactions.”

Source https://news.bitcoin.com/bank-of-korea-cryptocurrency-research-bitcoin-currency/

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