It’s Time for South Korea to Embrace Bitcoin, Says KRX Chairman


It’s time to explore ways to embrace Bitcoin and digital assets, Korea Exchange (KRX) Chairman Son Byung-doo said, according to a report by local outlet Chosun. Byung-doo drew parallels between Bitcoin and the traditional capital markets, calling for investor protection and transaction stability measures.

“We need to study ways to embrace virtual assets as ‘know-how’ in the capital market,” Byung-doo reportedly said.

The number of domestic cryptocurrency exchange users in South Korea has increased despite local financial authorities maintaining a stance that Bitcoin is “outside the realm of finance.” According to the report, there are over 5 million users in domestic bitcoin exchanges. The daily trading volume of cryptocurrency has also increased and is close to reaching the trading value of South Korea’s stock exchange, KRX.

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