Korean banks and financial institutions still hold up to $1.79 billion in virtual currency

The latest report released by the Central Bank of Korea shows that banks and financial institutions in the country still hold $1.79 billion in virtual currency by the end of last year.

Of course, the $1.79 billion is the funds invested by these banks and financial institutions at the end of last year. It should have shrunk a lot according to the market value of the current virtual currency.

Despite holding $1.79 billion in virtual currency, in reality, these financial institutions are still not hot or cold on virtual currency, not worthy of attention.

There are many Korean investors, but the regulations are becoming stricter:

Different from the attitude of financial institutions, there are many investors in Korean virtual currency. China, South Korea and Japan were all countries with active virtual currency transactions.

However, South Korea has gradually tightened its trading of virtual currencies since last year. For example, South Korea has banned fraudulent virtual currency ICO financing.

At the same time, the virtual currency investment and trading of the previously anonymised began to turn to the real-name system, and at the same time required the virtual currency exchange to do the corresponding anti-money laundering measures.

Financial institutions are much calmer than investors:

The $1.8 billion in virtual currency held by financial institutions only accounts for a small portion of their overall investment, so even if the current market value drops sharply, the risk is not high.

So at the beginning of this year, virtual currency reached the peak of market value and now fell 60% of the market value, these financial institutions are still very calm holding virtual currency.

Neither the market value of the virtual currency has fallen, and the virtual currency has been emptied. The current attitude is to put it there and leave it alone.

Bitcoin zombies:

Korean investors are also crazy about investing in virtual currency. The Korea Times has introduced a new term bitcoin zombie to describe these investors.

Bitcoin zombies are those investors who are watching the rise and fall of virtual currency prices all the time. The Korean Times said virtual bitcoin completely controls them.

Source: Yonhap news