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October 25, 2017, 05:54:16 PM |
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The head of South Korea's central bank has ruled out classifying bitcoin as a currency, arguing that cryptocurrencies are a form of commodity instead.
According to Seoul-Yonhap News, Bank of Korea governor Lee Ju-yeol rejected the idea when asked on Monday whether it's possible to accept cryptocurrencies as legal fiat. The declaration is the latest official assessment on the tech following a ban on initial coin offerings.
"Regulation (for virtual currencies) is appropriate because it is regarded as a commodity, not at the level of legal currency," Lee said during an audit of the government by the National Assembly, the country's legislative body.
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