Amidst the cryptocurrency market sell-off, Bitcoin continues to move ahead. Today, July 23, Bitcoin has surged by nearly 5% taking a $300 jump in its price. According to the data on CoinMarketCap, Bitcoin has surged from its intraday low of $7383 and is currently trading at $7735, at the press time. The Bitcoin market cap of Bitcoin stands at $132.7 billion as the cryptocurrency eyes its immediate next target of $8000.
With the trading volumes touch the $1 billion mark across all exchanges, experts believe that the bullish trend will continue going further. One of the strong reasons for this bullish trend reversal is that the South Korean government and regulatory body is seen taking some positive measures in order to nurture cryptocurrency and blockchain innovation.
Last week, the country’s primary financial regulator – The Financial Services Commission (FSC) created a different task force called the Financial Innovation Bureau that will look after all the developments taking place in the country’s burgeoning cryptocurrency sector. The official press release from FSC reads:
“The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era. The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.”
Moreover, another report from the Financial Stability Board (FSB), an advisory body of the G20, stated that Bitcoin and other cryptocurrencies do not pose any major risk to the global financial economy at this point in time. However, the FSB said that there is a need for vigilant monitoring of virtual digital currencies and thus the overall crypto market. In its statement, the FSB said:
“Crypto assets in general and crypto asset trading platforms do not pose global financial stability risks, but they raise other significant concerns, including consumer and investor protection, market integrity, money laundering and terrorism financing.”
Additionally, South Korea has also been diligently working to fast-track cryptocurrency and blockchain regulations in the country. South Korea’s Special Committee on the Fourth Industrial Revolution under the National Assembly said:
“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”
While talking to the Korea Times, South Korea-based Fantom Foundation told:
“Virtual coin and related blockchain technologies will come to our everyday life sooner or later. I think Korea can be an ideal incubator to test drive new virtual coins and their blockchain systems. Now it is the government’s role to establish a favorable environment for virtual coins and their blockchains.”
It looks like as the global regulatory bodies across the globe streamline their cryptocurrency requirements, more confidence will emerge among crypto businesses and institutional players ensuring a higher influx of funds in the crypto market.