SEOUL, Jan. 11 (Korea Bizwire) – The governor of the Financial Supervisory Service, Choi Heung-sik, is facing resignation calls from investors over his anti-cryptocurrency viewpoint. The FSS has found itself in hot water after threatening to ban all cryptocurrency transactions in South Korea, as frustrated protestors took to the official website of the presidential Blue House [...]
SEOUL, Jan. 11 (Korea Bizwire) – South Korea’s justice ministry is drawing up legislation aimed to curb overheating in the virtual currency market, including a complete shutdown of all cryptocurrency exchanges in the country, its minister said Thursday. “The ministry is preparing legislation that basically bans any transactions based on a virtual currency through the [...]
SEOUL, Jan. 11 (Korea Bizwire) – Xiaohongshu, a Chinese social e-commerce mall said Thursday it is looking for South Korean companies who will sell their products on its rapidly growing platform. Launched in 2013, Xiahongshu, also known as RED, is an online retail mall with more than 75 million registered users and also has a [...]
SEOUL, Jan. 2 (Korea Bizwire) — A planned protest against the government’s cryptocurrency regulations failed to live up to the hype, with no one turning up at Gwanghwamun Plaza over the weekend. Despite an online post last week urging bitcoin investors to join a protest against the current administration’s anti-cryptocurrency stance, no sign of protest [...]
SEOUL, Dec. 15 (Korea Bizwire) – South Korean cryptocurrency exchanges said Friday they will adopt a raft of self-regulatory measures to improve transparency in trading to keep the unregulated market in check amid worries over a bitcoin frenzy. The Korean Blockchain Industry Association composed of 14 virtual currency exchanges said its members agreed to require [...]
SEOUL, Dec. 13 (Korea Bizwire) — South Korea’s online shopping malls are expected to post a combined 1 trillion won (US$915 million) operating loss this year as they offer excessive discounts in a competition with rivals to dominate the growing market, industry sources said Wednesday. The rising losses over the past few years come amid [...]
SEOUL, Dec. 11 (Korea Bizwire) — Amid growing interest in cryptocurrency, security experts have warned that North Korean hackers could target bitcoin exchanges next year. During a press conference held on Friday, the Korea Internet & Security Agency (KISA) revealed a report predicting seven cyberattacks would likely come next year, with cryptocurrency exchanges as the likely [...]
SEOUL, Dec. 11 (Korea Bizwire) — Only 3 in 10 South Koreans currently use desktop online banking, while the majority have turned to mobile banking services accessed via smartphones and tablet PCs, a new survey has found. According to data provided by pollster DMC Media, around 28 percent of South Korean bank account holders aged between [...]
SEOUL, Nov. 27 (Korea Bizwire) — Online shoppers are showing growing interest in Black Friday in the United States while losing interest in the local version of the sales extravaganza, an analysis of big data showed Monday. According to Daumsoft, which sorted through blogs, tweets and news on Black Friday from 2015 to this year, [...]
SEOUL, NOV. 22 (Korea Bizwire) – Samsung SDS is branching out into the Chinese distribution industry after signing a business agreement with the Guangzhou Post Office. The latest move by Samsung’s information technology affiliate will see the company work with Chinese shopping websites to deliver products around the globe. According to industry statistics, China’s e-commerce market [...]