10 Dec '13, 5pm

Korea becomes the latest Asian country to reject Bitcoin as a legitimate currency by @jonrussell

Korea has become the latest country in Asia to reject Bitcoin and other virtual currencies as legitimate forms of currency, the Korea Herald reports . Following in the footsteps of warnings from banks in China last week and Thailand in July , Korean financial authorities announced today that the virtual currency does not have “intrinsic value” due to its lack of stability (Bitcoin’s dollar rate halved to $650 in the past week) while there is concern at the absence of structure and indicators to measure it. The announcement comes after a week of dialogue between the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service. Indeed, the comments follow optimism in Korea last week after the Bank of Korea had apparently relaxed its negative stance on virtual currencies — something that it turns out was misguide...

Full article: http://thenextweb.com/asia/2013/12/10/korea-becomes-the-l...

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