South Korea proposes Bitcoin derivatives against digital Yuan

• South Korea’s Presidential Commission has proposed Bitcoin-based financial derivatives to counter the digital Yuan.
• The commission recommends setting up a Korean custodial service for cryptocurrencies.

The South Korean Presidential Commission made a number of economic recommendations to the local government. The basis of the recommendations are related to the imminent launch of the digital Yuan and the recognition of the importance that cryptocurrencies have acquired in South Korea’s trade. Especially Bitcoin and Ripple have acquired special relevance in the Asian country.

Commission calls for institutionalisation of Bitcoin

The Commission of the 4th Industrial Revolution under the Presidency of the Republic of South Korea issued a report that proposes the institutionalization of cryptocurrencies in the coming years. The commission recognizes the importance of following in the footsteps of other governments, such as the…