[Weekly Blockchain] Major Blockchain News in the 1st Week of December
[Weekly Blockchain] Exploring This Week’s Blockchain Trends with LEDGIS!
We only have a little over a month left in the year.
Let’s take a look at some interesting developments in the blockchain industry this week.
For detailed information on each news item, please refer to the respective articles.
👉 South Korea and the IMF Discuss Strategy for Digital Currency and Regulatory Direction for Virtual Assets.
According to imaeil, the South Korean government and the International Monetary Fund (IMF) are jointly hosting a conference to discuss strategies for central bank digital currency (CBDC) issuance and regulatory directions for virtual assets.
The Ministry of Economy and Finance announced on the 8th that it will jointly host an international conference on CBDC with the Bank of Korea, the Financial Services Commission, and the IMF on the 14th and 15th.
The conference will focus on ▶ the economic impact and prospects of CBDC ▶ regulatory directions for virtual assets ▶ the future of CBDC and the role of central banks ▶ the relationship between central bank CBDC and stablecoins.
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Kristalina Georgieva, Managing Director of the IMF, Lee Chang-yong, Governor of the Bank of Korea, and Kim So-young, Vice Chairman of the Financial Services Commission, are expected to attend. Domestic and international digital currency experts will also participate in the conference.
👉 DAXA receives reports on undeclared virtual asset business operators
According to Yonhap News, the Digital Asset Exchange Alliance(DAXA), a consortium of five major cryptocurrency exchanges including Upbit, Bithumb, Coinone, Korbit, and GOPAX, announced on the 4th that it has commenced receiving reports on unregistered virtual asset service providers in cooperation with the Financial Intelligence Unit (FIU).
The reporting targets are domestic and international virtual asset service providers that engage in unreported operations targeting domestic individuals without complying with the reporting requirements under Article 7 of the Specific Financial Information Act.
To report unregistered businesses, individuals can send relevant information about the business, evidence of unreported operations, and reasons for suspicion of unregistered virtual asset service providers to the DAXA reporting email.
DAXA reviews the received reports and communicates the findings to the FIU. After the FIU determines whether the reported business is unregistered, it responds to DAXA. DAXA then notifies the respective business of the results.
👉 Koreans Lead Bitcoin Rally… Korean Won Surpasses Dollar as the Primary Trading Currency.
According to etoday, analysis suggests that as Bitcoin approaches the $45,000 mark (approximately 60 million won), the influence of Korean investors in the cryptocurrency market is growing.
On the 5th, Bloomberg reported, citing data from virtual asset data provider CCData, that in the previous month’s Bitcoin trading, the Korean won surpassed the US dollar for the first time in terms of legal currency transactions. CCData began aggregating relevant data from the year 2021.
In the past month, the Korean won accounted for 42.8% of the legal currency exchanged for Bitcoin. The market share of the Korean won in Bitcoin transactions has expanded by approximately 17 percentage points, reaching around 41% from September until now, as compared to the previous period.
Bloomberg has diagnosed that the influence of Korean traders has increased in the recent rally, which has seen Bitcoin prices surge by over 50%, reaching their highest point in nearly two years.
Bloomberg introduced, “Korea is renowned for its active blockchain and virtual asset community, with Do Kwon, the mastermind behind Terra and Luna incidents, also having grown up in Korea.”
This week, there were various updates in the blockchain market.
Wrapping up the news for this week, I hope to see you again next week.
Thank you.
