Japan, Korea and China are Collaborating to Regulate Cryptocurrencies, with the Support of Banks Working with Ripple

According to this post appeared on CNN, three of the most influent asian countries are trying to find a way to regulate cryptocurrencies. This is an extract from the article:

“Speaking to reporters today, Korea’s Financial Services Commission (FSC) chairman Choi Jong-ku has revealed a meeting attended by vice finance ministers from South Korea, Japan and China to discuss strategies and ideas on regulating cryptocurrencies. The meeting, which took place in South Korea, will see the FSC “set up a detailed system of cooperation” with China and Japan, Choi was quoted by Yonhap as stating.

Korean authorities are addressing an “irrational” investment trend into cryptocurrencies by the public, the official claimed. A “fever of speculative investment in cryptocurrencies is ongoing,” Choi stated, pointedly adding: “However, cryptocurrencies are unable to play a role as a means of payment.”

Despite the South Korean authorities’ concern about excessive speculation, the three nations are some of the nations with the highest trading volume.
Some South Korean and Japanese financial institutions and banks have long been collaborating with Ripple, and could use their influence in the final decision. This could greatly favor Ripple, given the lack of confidence of Asian institutions in bitcoin, but the urgent need to resolve the issue of digital currencies.

To know more about the asian banks that already collaborate with Ripple, you can read this post on Ripple’s official website.

To Top