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OK Cashbag Introduces Blockchain Project to Facilitate Its Operation

OK Cashbag Introduces Blockchain Project to Facilitate Its Operation

OK Cashbag, founded in 1999 in South Korea, remains the most popular points program that enables clients to accumulate cash by purchasing at a wide range of partnering shops. Points can be used, tracked, combined, gifted, and shared. 

SK Planet, the e-commerce arm of communication giant SK Telecom that operates OK Cashbag, presented the plan to utilise a Blockchain system to tokenise points earned by users in order to run the service more securely. Currently, 1 point equals to 1 Korean won, and if the project works out, points will be also converted into stable coins, such as the U.S. dollar-pegged tether cryptocurrency. 

The plan, temporarily called OKX, is waiting for approval of the regulator under the Electronic Financial Transactions Act mandate.

Samsung Announces Blockchain Implementation

Samsung Announces Blockchain Implementation

South Korean leading electronics company Samsung announced the implementation of blockchain in a new logistics platform. The project named Cello 3.0 was created by the Samsung’s subsidiary Samsung SDS and built around artificial intelligence (AI).

“We will provide services to global e-commerce sellers with CelloSquare 3.0, which combines cutting-edge IT with Samsung SDS global logistics operation experience”, read more

Upbit has faked its balance sheets – or has not.

The fourth largest crypto exchange from South Korea Upbit is being investigated by police: it is accused of having faked its balance sheets and deceiving investors. This morning South Korea’s Financial Supervisory Commission (FSC) sent 10 investigators to the exchange’s head offices in Seoul to audit its virtual currency holdings. 

This spring multiple crypto exchanges had attracted the attention of South Korean authorities that announced citing anti-money laundering and investigating into exchanges’ corporate bank accounts.

South Korea Is About to Present New Regulations

South Korea Is About to Present New Regulations

South Korea’s legislature is developing new rules on cryptocurrency, Initial Coin Offerings (ICOs) and Blockchain technology. Lawmakers will introduce drafts of the bills at an extraordinary session of the National Assembly between July 12 and 26. 

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South Korean KT Corporation Has Introduced Its Proprietary Blockchain

South Korean KT Corporation Has Introduced Its Proprietary Blockchain

KT Corporation, one of the two biggest telecoms organizations in South Korea, has created its own blockchain network expecting to spread the innovation crosswise over areas including ID confirmation, data roaming, and energy exchange.

Increasing Transactions Speed

The firm announced its KT Network Blockchain on Tuesday, naming a throughput of 2,500 exchanges per second (TPS) due to reconciliation with the existent high-speed network. Additionally, the organization asserts it can speed up to 10,000 TPS before the year is over and to as high as 100,000 TPS by 2019. read more

South Korea Investigates Crypto Scam that Promised Investors Doubtful Treasures

South Korea Investigates Crypto Scam that Promised Investors Doubtful Treasures

Authorities of South Korea has begun an investigation of a conceivable crypto investment scam. The key figure involved in the scam is the Seoul-based Shinil Group, as Korea JoongAng Daily revealed July 31. Shinil Group (Shinil) allegedly guaranteed to pay investors in gold lifted from a sunken Russian ship. read more

South Korean Judges Form the Blockchain Law Society

South Korean Judges Form the Blockchain Law Society

Judges, lawmakers and industry specialists in South Korea are shaping a group to discuss legitimate issues associated with blockchain.

Topics to Be Discussed

Named the Blockchain Law Society, the group is holding its founding meeting on August 24 in the Seoul Central District Court. Members will bring up both regulatory issues around blockchain and its use cases in the lawful space.

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South Korea to Decide on Legalisation of ICO

South Korea to Decide on Legalisation of ICO

Definitely, Maybe

The current situation with Initial Coin Offerings (ICO) in South Korea is very precarious. The government banned any types of ICO and anonymous crypto trading. We’ve already reported about new regulations introduced by the government.

 Now there is a chance that ICO is going to be legal again.

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South Korean Government Taking Charge of Blockchain Projects

South Korean Government Taking Charge of Blockchain Projects

The government of South Korea is multiplying its efforts to test the blockchain technology in the public sector by presenting new projects and increasing funding for the next year. 

Doubling the Effort 

The Korea Internet and Security Agency (KISA) – a sub-association of the Ministry of Information and Communications Technology (ICT) – said it intends to increase the number of blockchain pilots in the public segment from 6 to 12 in 2019. 

Next year, the budget meant for blockchain pilot projects will consist of over 10 billion Korean won, which is approximately $9 million. 

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