[2017-07-13] South Korea Will Legalize International Money Transfers In Bitcoin

[Vialaia]

On 18 July in South Korea take effect a law, allowing fintech companies to offer international transactions in bitcoin.

According to the amendments to the law on foreign exchange operations, fintech companies need to register with the Financial Supervisory Service (FSS) in order to legally provide international money transfer services...

Read more https://bit.news/eng/south-korea-legalized-international-money-transfers-bitcoins/

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[SvenBomvolen]

One more positive news for Bitcoin and all the community. I think this will support the spreading of Bitcoin and crypto-currencies around the world and I'm sure that will make the price for bitcoin to grow up finally.

[CryptoBry]

I can feel that South Korea is also now very much open to the blockchain technology and with this law to be implemented this can facilitate more fintech companies to consider investing their presence and resources in that country. I am sure that neighboring Asian countries would be looking at the example by South Korea, just like what is going on now in Japan. More and more good news for Bitcoin is happening though these are not given much emphasis because of the current market turmoil.

[Eminem23]

One more positive news for Bitcoin and all the community. I think this will support the spreading of Bitcoin and crypto-currencies around the world and I'm sure that will make the price for bitcoin to grow up finally.

Yes, the news is good, but its strength is not enough to restore the price to its former heights in the coming days. Panic is stronger than good news. But I hope that soon everything will change for the better.

[iram1011]

Fintech firms providing this transfer facility are going to throw a new challenge for banks. This new law in South Korea will allow new entrants to compete with traditional banks, offering money transfer services at a fraction of the incumbents’ fees, with a shorter transfer time. With many people shifting to this service will surely gonna increase the volume.

[RomanJDS]

Bitcoin is the best solution for International Money Transfers insted SWIFT. It's faster cheaper and does not depend on authorities.

[peter0425]

Bitcoin is the best solution for International Money Transfers insted SWIFT. It's faster cheaper and does not depend on authorities.

Correct. The only issue is just the confirmation time. But I think its manageable. The receiver can wait like just hours as compare to other money transfer that took 1-2 days to transfer your money. I think this is really a good news for bitcoin ecosystem and as well for those you always make money transfer to their families.

[saenko]

Bitcoin is the best solution for International Money Transfers insted SWIFT. It's faster cheaper and does not depend on authorities.

Correct. The only issue is just the confirmation time. But I think its manageable. The receiver can wait like just hours as compare to other money transfer that took 1-2 days to transfer your money. I think this is really a good news for bitcoin ecosystem and as well for those you always make money transfer to their families.

At a time when the network is overloaded, we can wait for the transaction to be confirmed for several days. But the commission for transferring money in bitcoin is really less. I hope that Korea will become another country where bitcoin will be adopted

[ivanpoldark]

Very good news from korean peninsula. They decided to follow the Japan Path. It is immediately seen in which country lives the most far-sighted politicians and the least corruption.

[zapphirecoins]

Once the Japanese state is now korean and will then spread throughout the Asia Pacific layer, this is a sign that bitcoin remains in choice for everyone to use as a means of payment transactions as well as long-term investments.