South Korea has officially legalized Bitcoin

Recognizing Bitcoin as a remittance method, the South Korean government has officially legalized international Bitcoin transfers.. A legal framework is also about to be established for Bitcoin trading platforms and exchanges.

On July 3, ruling Democratic Party lawmaker Park Yong-jin announced that the South Korea government is ready to regulate the Bitcoin market.. It was stated that a series of changes will be made that will further facilitate the growth of the Bitcoin market and industry for Bitcoin users and businesses.

Since then, the South Korean government has taken a concrete step.. Government; officially enacted Bitcoin service providers to facilitate payments, transfers and other transactions. At the same time, South Korea has legalized Bitcoin as a remittance method, as has Philippines.

Bitcoin market in the country saw rapid growth when Bitcoin was accepted as a legal remittance method in the Philippines. had shown. Although South Korea does not yet recognize Bitcoin as a legal currency, this step is like a predecessor.

It will most likely be accepted as a legal currency in the near future

The government, In the near future, when Bitcoin regulates the market completely, Bitcoin will be accepted as a legal currency in the country like Japan. As a result, it is likely that the Bitcoin market in South Korea will grow rapidly.

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