Digital Currency: East Asia is taking the Lead!
If the South Korea does issue their national digital currency, then it would a revolutionary step, but it would not be the very first country to have it done so. And this has been already done by Ecuador, and it is the very first country to be able to issue digital money. On the other hand, the South Korea’s national push in supporting the Blockchain technology as a pattern right in the 12th FinTech Center Demo Day Event is without a doubt creditable.
South Korea’s neighbor, Japan has taken their step to capitalize right on the Blockchain and the Bitcoin wave. And Japan has ever gone so far as to recognize the Bitcoin and the digital currencies as money. There is beyond doubt a growing interest right in the digital currencies in the East Asia, and with Japan having a well-established culture of currency trading. Bitcoin.com in an article has asked the question of “Is Japan Becoming The New Bitcoin Trading Superpower?” Then the article has read that “Recently, the increasing of the Japanese volumes could also simply be the outcome of a national fascination right with the FX trading and a more lenient regulatory approach to the digital currency business.”
The question is who really will be the very first to come out with an entirely digital currency and would it be embraced by the people too? As the Founder and CEO of Cashaa mentioned that, It appears like more of the raison d'être that there is no developed nation would probably desire to remain last in the game, but have no concrete plan on what to do next. With the United States of America, Japan, United Kingdom and now followed by South Korea, it is too early to say of where exactly it will head. The Bitcoin-based cryptocurrency is still in the experimental state and to utilize it to replace the current monetary system is a significant risk to face. We, as humans, we are in the phase of never evolution, and the growth will keep on happening and taking place sooner and later. And the proclamation made by the Financial Services Commission chairman to gear up and amplify the FinTech sector together with the support right for the Blockchain will political strengthens its place right in the Blockchain technology race.”