Bank of Korea May Soon Recognize Bitcoin As a Currency

Jayanand Sagar | December 4, 2013 | 8:29 am

Bank of Korea May Soon Recognize Bitcoin As a Currency

Jayanand Sagar | December 4, 2013 | 8:29 am

Bank of Korea Logo

When it comes to getting at very least some recognition, one would think banks of all entities would be the last to join the group. The Bank of Korea, however, might be surprising us.

Reports indicate that the South Korean central bank and issuer of the country’s won currency may soon recognize bitcoin as a currency as opposed to a hobby, according to BusinessKorea.

Despite the progress, the bank is still of the mindset that the digital currency won’t do terribly well long-term:

“The BOK said on December 3 that it made a report on bitcoins and is pondering a measure to open  the virtual money to the public. The report however includes a negative opinion on the possibility of its use as a future currency.”

As bitcoin becomes accepted in more and more places, it is very possible we’ll see this reaction from other big banks around the world.

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