South Korea legalizes cryptocurrencies, and the US may issue a digital currency after China
Opinion: the US will issue digital currency after China
The US authorities are closely monitoring the development of Chinese digital yuan and, if necessary, will launch their own digital currency, according to ING economist Carlo Cocuzzo.
During a presentation at Blockchain Week in London, Cocuzzo said that 90% of forex turnover is in dollars, and the United States will not want to lose leadership. If the Federal Reserve considers that it is necessary to issue digital USD as opposed to the Chinese currency, it will immediately do so.
In August last year, representatives of the People’s Bank of China announced that the digital yuan will be launched soon, with the prototype and blockchain architecture of the token having been already been fully developed.
South Korea legalized cryptocurrencies
The South Korean authorities have adopted amendments to the legislation of the country, which legalize trading and storing of cryptocurrency.
For their launch they only need to be signed by the president. The government will be given a year to implement the changes, and representatives of the blockchain industry will be given 6 months to bring their activities in line with the new requirements.
Cryptocurrency exchanges, ICO projects and other blockchain companies will fall under regulation. They will be required to comply with financial reporting requirements, use real bank accounts, follow KYC procedures and certify information security management systems (ISMS).
Coinbase CEO: the number of cryptocurrency users will grow 100-fold
Today, the number of cryptocurrency users is 50 million people, but this number can grow to 5 billion, says Brian Armstrong, Coinbase exchange CEO.
The adoption of the blockchain will be similar to the spread of the Internet, Armstrong wrote in his Twitter account. In his opinion, a cryptocurrency that wants to become a world leader must meet four requirements: scalability, privacy, decentralized identity, and developer tools.
The primary goal is scalability, the businessman believes — the network must process thousands of transactions per second.