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Blockchain Money Transfers ‘Too Slow’ and ‘Hard to Restore’

Blockchain Money Transfers ‘Too Slow’ and ‘Hard to Restore’

SEOUL, Feb. 14 (Korea Bizwire) – Blockchain technology-based money transfer services were found to be too slow and hard to restore where there is a glitch, according to tests conducted by the Bank of Korea. According to the BOK, speed and restoration issues were discovered in blockchain money transfers between banks, the central bank of South [...]

WeMakePrice Mulls Cryptocurrency Payments in Korea

WeMakePrice Mulls Cryptocurrency Payments in Korea

SEOUL, Jan. 30 (Korea Bizwire) — Social commerce service WeMakePrice is set to become the first South Korean shopping website to accept cryptocurrencies in South Korea. According to reports, WeMakePrice is in talks with cryptocurrency exchange Bitthumb to allow users to make payments with cryptocurrencies such as Bitcoin, which could see the website become the [...]

South Korean Gov’t Steps Away from Online Personal Identification Security

South Korean Gov’t Steps Away from Online Personal Identification Security

SEOUL, Jan. 24 (Korea Bizwire) — The Ministry of Science and ICT announced on January 24 that before the end of the year it would downgrade the importance of the public key certificate, a widely used personal identification tool in South Korea, by essentially removing the word “public” and turning it into a security system [...]

Cryptocurrency Policy Advisor Made Millions Before Government Announced Regulations

Cryptocurrency Policy Advisor Made Millions Before Government Announced Regulations

SEOUL, Jan. 19 (Korea Bizwire) – A South Korean cryptocurrency policy advisor who has made over 10 million won via investment in cryptocurrencies is being accused of using inside information for personal gain. A member of the Financial Supervisory Service, whose name remains anonymous, enjoyed a profit margin of over 50 percent after selling his cryptocurrency [...]

Active X on the Way Out from Government Websites

Active X on the Way Out from Government Websites

SEOUL, Jan. 17 (Korea Bizwire) — The South Korean government will continue efforts to remove ActiveX from official websites this year. The Ministry of the Interior and Safety said on Tuesday that 30 select government websites will go through an ‘Active X purge’ this year, as part of the initiative to do away with controversial plug-in [...]

Nearly 2 Million S. Koreans Estimated to Have Used Cryptocurrency Apps

Nearly 2 Million S. Koreans Estimated to Have Used Cryptocurrency Apps

SEOUL, Jan. 15 (Korea Bizwire) – Nearly 2 million South Koreans are estimated to have used cryptocurrency applications with their smartphone in the past week, data showed Monday. A total of 1.96 million people may have used apps that allow them to handle digital currencies, such as bitcoin and ethereum, last week, up from 140,000 [...]

South Korea’s Strict Cryptocurrency Regulations Could Hurt Blockchain Industry

South Korea’s Strict Cryptocurrency Regulations Could Hurt Blockchain Industry

SEOUL, Jan. 12 (Korea Bizwire) – The government’s move to regulate cryptocurrency trades could hurt the blockchain industry, experts have warned. According to industry sources on Friday, blockchain businesses are expressing concerns over the impact of cryptocurrency regulations, despite the government’s assurance that it would support the latest technology. “The growing number of cryptocurrency transactions [...]