SOUTH KOREA
South Korea, officially known as the Republic of Korea, is located on the Korean Peninsula in East Asia. It is known for its advanced technology, bustling cities like Seoul, rich cultural heritage, and a robust economy driven by industries such as electronics, automotive, and shipbuilding. The country is a democratic republic with a president as head of state. South Korea's education system is highly competitive, and its cuisine, like kimchi and bulgogi, has global recognition. The country also has a strong entertainment industry, known for K-pop and Korean drama. The demilitarized zone (DMZ) separating South Korea from North Korea remains a significant geopolitical focus.
South Korea’s Leading Crypto Exchanges Aid Police in Hunting "Nth Rooms" Blackmail Porn Members
The four primary crypto exchanges in South Korea, namely Coinone, Korbit, Bithumb, and Upbit, have reportedly offered to help police investigate the sexual exploitation of underage girls in the “Nth Rooms” scandal that has sparked a national outcry.
Coronavirus Tracking and Surveillance May Have Consequences for the Protection of Personal Data Privacy
The World Health Organization (WHO) has recently stated that the coronavirus pandemic is “accelerating,” as 20% of the world’s population goes into lockdown in an attempt to curb the spread of the virus. People are told to stay at home as the world is entering a critical week, with over 381,761 cases confirmed around the world at the time of reporting.
South Korea Passes Comprehensive Law Officially Legalizing Cryptocurrency Trading And Holding
A day after India’s Supreme Court lifted the ban on cryptocurrencies, South Korea has followed in their footsteps as the nation’s National Assembly has amended the Act on Reporting and Use of Specific Financial Information. This move fully legalizes cryptocurrencies in South Korea.
South Korean Tax Specialists Advocate for Lowered Crypto Taxation
Members of the Korean Tax Policy Association are calling on the government to consider applying a low-level tax on crypto transactions. The South Korean administration is contemplating taxing cryptocurrencies as part of its tax reform plan for 2021, but specialists feel it requires in-depth conceptualization.
South Korea’s Jeju Island Leverages Blockchain to Curb Depleted Electric Vehicle Batteries
Jeju Island’s government representatives have revealed that a blockchain-powered electric vehicle waste-battery distribution management system has been implemented based on a multi-year support. It will track the history of receipts of waste-batteries acquired at the Jeju Technopark Electric Vehicle Battery Industrialization Center that opened in June 2019.
Blockchain-Powered App to Seamlessly Assist Patients Request Medical Care and Insurance Cover
Seoul Medical Center is set to launch a blockchain-enabled medical information mobile app dubbed Seoul Care this month. This app will help patients plan medical treatments, look up prescription details, and check test results using their smartphones.
South Korean Advocates for Institutionalization of Cryptocurrencies via Bitcoin Derivatives
A South Korean commission dubbed the 4th Industrial Revolution Commission has proposed that the government ought to permit financial institutions to establish cryptocurrency-based products, such as Bitcoin derivatives as they will be instrumental in the long-term institutionalization of cryptocurrencies.
South Korean Telecom Giant and City Government Teams Up to Launch Major Digital Currency
KT, the largest telecom company in South Korea is planning to launch its blockchain-based digital currency in the second biggest city in the country, Busan.
New Crypto Fraud Scheme In South Korea: What Rules Are in Place to Stop False Advertising?
The Ponzi scheme disguised as a crypto platform managed to acquire over $380 million USD for the CEO and other company staff. Corner Up was promising estimated returns of up to 200% to investors for each investment made.
South Korea Intensifies Blockchain in Banking but Rules Out Digital Fiat Currency
Wide application of blockchain technology is expected to affect people’s lives, business, education, governance, and other sectors. That is the reason, many countries explore and even deploy the huge potential of this technology. But the latest trend of the technology seems to have taken a new twist in South Korea. Now let’s find out why South Korea continues adopting blockchain in banking but rejects rolling out digital fiat currency.
South Korea to Pump In a Whopping $12.8 Million into Blockchain Industry
The adoption of blockchain technology is set to reach unprecedented levels in major countries, as recently announced by China’s President Xi Jinping. South Korea intends to follow suit based on the revelation made by the Ministry of Science and ICT that USD 12.8 million will be channeled to blockchain projects in 2020.
Vietnam Favored by Korean Blockchain Companies
Vietnam has emerged as a force to be reckoned with in the worldwide blockchain spectrum. As a result, Korean blockchain firms are seeking to setup base in this nation for the benefits rendered.
South Korean Bank, KB Kookmin, Shares Blockchain Strategy
KB Kookmin, a major South Korean bank, is planning to adopt blockchain technology into its internal processes.