South Korea “trusts’ crypto


On Friday, crypto prices gained with Ethereum surging more than 12%, meanwhile the reports said that some South Korea Politicians suggested a new bill to remove the current regulatory uncertainty in the Crypto sector.

Over the previous 24 hours, Bitcoin was trading $9,619 on the BitFinex ecnhange.

The world’s second largest cryptocurrency by market cap, Ehereum, surged 12.1% at $775.2 on the BitFinex exchange.

On the Poloniex exchange, XRP/USD token climbed 3.4% higher to $0.86573.

Meanwhile, Litecoin added 4.9% to $158.15.

Along with ten other lawmakers, Hong Eui-rak of the ruling Democratic Party of Korea, proposed a new bill that aimed to legalize the launch of new virtual coins and ICOs in the country.

Instead of having to move abroad, the proposed bill will allow startup companies to raise capital with token sales within the country.

According to Eui-rak, the bill is aimed at legalizing ICOs under government’s supervision.

The primary goal (of the legislation) is to help remove uncertainties facing blockchain-related businesses. Under this bill, ICOs would be under tight supervision by the Financial Services Commission (FSC) and the Ministry of Science and ICT.

On Thursday, Goldman Sachs has officially announced it would open a crypto trading desk. “I would not describe myself as a true believer who wakes up thinking bitcoin will take over the world.” Executive Rana Yared said.


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