The South Korean government is set to align the definition and adoption of cryptocurrency in the country along the vision of the G-20. This is to define cryptocurrency as a financial instrument.
How The G-20 Sees Cryptocurrency
The G-20 definition and vision of cryptocurrency as adopted before was as a non-financial instrument or product. This definition places a dent on the purpose of creation of cryptocurrency. The definition is in contrast to the value of the digital currency.
However, the G-20 Nations have adopted a different definition ahead of the G-20 summit that is scheduled to start on November 30th; a two days summit that will be hosted in Argentina. In attendance would be the leaders of the G-20 Nations which include Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
South Korea’s Adoption of The G-20 Vision and Definition
On the 27th of September, the South Korean government organized a meeting to discuss the status of cryptocurrency exchange and trading, and sales of digital assets in the country. The meeting was purposely guided by the intention of the government to seek means of aligning its definition of digital currencies in agreement with that of G-20.
South Korea is a member of the G-20 that will be participating in the summit that will hold in November. Apart from making a clear definition for cryptocurrency in the country for necessary growth, this will also guide the country in participating in the summit that will hold in November in making essential contributions.
Meanwhile, the South Korean government has been having increased interest in a third generation Blockchain-based platform known as Orbs. The orbs platform is claimed to have higher potential than Ethereum network.
The orbs blockchain network is aiming to ensure the influence and the use of Ethereum in South Korea, with its capacity to function more where Ethereum blockchain is incapacitated.