South Korea Decides to Not Recognize Bitcoin as a Real Currency

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The members of parliament in Switzerland might be considering bitcoin to be a foreign currency, but the story is just the opposite on the other side of the planet in South Korea.

Reports indicate that the Korean government — perhaps unsurprisingly — has decided to not recognize bitcoin as a real and legal tender currency. The news comes as the price of bitcoin is rebounding following a brutal slump this past weekend.

Officials at the Bank of Korea say that the volatility of the cryptocurrency is far too high and that it doesn’t have intrinsic value. That of course is up to debate, but it’s certainly interesting to see governments come out with official stances on bitcoin as it gains traction.

Last week, Chinese officials warned banks to stay away from bitcoin, as did French officials. On the other hand, countries like (aforementioned) Switzerland and Croatia are taking positive stances and even embracing the use of bitcoin. (via The Korea Herald)