The head of South Korea's central bank has ruled out classifying bitcoin as a currency, arguing that cryptocurrencies are a form of commodity instead.
According to Seoul-Yonhap News, Bank of Korea governor Lee Ju-yeol rejected the idea when asked on Monday whether it's possible to accept cryptocurrencies as legal fiat. The declaration is the latest official assessment on the tech following a ban on initial coin offerings.
"Regulation (for virtual currencies) is appropriate because it is regarded as a commodity, not at the level of legal currency," Lee said during an audit of the government by the National Assembly, the country's legislative body.
Topic: Bitcoin Is a Commodity Not a Currency, Says South Korean Central Bank Chief (Read 117 times)
October 25, 2017, 01:54:16 PM
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