Question: Which of the following countries of East Asia has recently issued an order to banks to deal in bitcoin?
(a) Japan
(b) South Korea
(c) Taiwan
(d) Macau
Answer: (b)
Related Facts:
- On December 13th, 2017, South Korea directed their banks to stop transaction in Bitcoin.
- Bitcoinis a new virtual currency that was created in 2009 by using it a person can be paid to someone anywhere in world.
- The special thing is that there is no need to make any bank a medium for this payment.
- Bitcoin is based on Peer to Peer Technology means that the Bitcoin transaction can be done between two computers.
- Bitcoin has been developed by an engineer Satoshi Nagamoto (fake name).
- 1 Bitcoin = 10, 00, 00,000 (10 million) Satoshi.
- South Korea has directed to its financial institutions (banks) from transacting in this virtual currency.
- It has taken this step in view of the risk of bubble due to unexpected and steady acceleration.
- In the countries where there are more people using the Internet, the transaction of this virtual currency is increasing.
- Estimates show that ten million people in South Korea have Bitcoin which includes all the small investors.
- The price is 20 percent higher than the US due to its high demand.
- Its price was less than $ 1000 in January, while its price has reached $ 17,000 in the second week of December, 2017.
Reference:
https://news.bitcoin.com/south-korean-banks-crypto-accounts-government-plans-a-ban/
https://economictimes.indiatimes.com/news/international/business/south-korea-bans-its-banks-from-dealing-in-bitcoin/articleshow/62052999.cms
https://en.wikipedia.org/wiki/Bitcoin