South Korea Calls for the Formation of a Bitcoin Reserve

The South Korean Democratic Party has called for the formation of a Bitcoin reserve in their country as a response to Trump's announcement of a US Bitcoin reserve.

The South Korean Democratic Party has called for the formation of a Bitcoin reserve in their country, which could be seen as a direct response to Trump's recent announcement of a US Bitcoin reserve and his plans to build a stable pile of the best altcoins.

As nations are now racing to hoard Bitcoin, the price of $BTC can only rally. If you want to get in on that action, it could be worth checking out a meme coin designed to ride on Bitcoin's coattails, BTC Bull Token ($BTCBULL).

South Korea Takes Cue from the US

Just two days back, Trump signed an executive order to set up a Bitcoin reserve in the US, calling it the ‘digital Fort Knox for digital gold.’ He also laid down the country’s plan to build a stable pile of the best altcoins.

This has quickly started a global crypto race, and South Korea is among the first countries to hop on the bandwagon.

The Democratic Party in South Korea has called for the government to take the initiative in creating a national Bitcoin reserve, highlighting the urgency of securing a place in the emerging cryptocurrency landscape.

Considering that South Korea has been rather slow in adopting and regulating cryptocurrencies, this quick response is surprising.

For instance, non-residents aren't allowed to trade on South Korean crypto exchanges, and crypto ETFs are still banned in the country.

After playing catch-up for so long, South Korea appears to be on a drive to take its place in the new crypto world order.

Kim Jong-Seung, CEO of blockchain firm Crypton, said it’s about time the South Korean government thinks about a Won-pegged stablecoin and develops a model to link these with dollar stablecoins.

He warned that South Korea might lose ‘monetary sovereignty’ if USD-pegged stablecoins become a staple in the industry.

Japan Relaxes Rules for Crypto Brokerages

On the other hand, Japan has been working stealthily but aggressively to keep pace with the global crypto race. The country has introduced an amendment bill that lets crypto companies work as intermediaries. This means they no longer require the same kind of licenses as crypto exchanges and crypto wallet operators do.

Stablecoin issuers will also be able to use Japanese and US government bonds to back their coins.

Earlier, these issues had to maintain cash deposits in bank accounts in a ratio of 1:1 to the total amount of tokens in circulation.

However, issuers can now use bonds to back just 50% of this amount, while the rest will be held in cash.

Crypto brokerages will also be relieved from the application of anti-money laundering regulations, which will reduce the barrier to entry. There are also talks of reducing the tax on crypto from 55% to 20%.

Clearly, Trump has sent a lot of nations into a frenzy with talks of the US Bitcoin, which should ultimately benefit the underlying asset itself. After all, there can hardly be a price mover bigger than the support of the world’s governments.

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