On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Seung-beom Koh said that fintech experts across the globe “find it difficult to see virtual currencies as a financial asset."
Seung-beom Koh, a nominee for chairman of South Korea’s Financial Service Commission (FSC), does not regard cryptocurrencies as a financial asset.
In a press meeting with local journalists, Seung-beom said that fintech experts from prominent organizations such as the G20, the International Monetary Fund and others “find it difficult to see virtual currencies as a financial asset, and think they could not function as a currency.”
Seung-beom's comments coincide with the ongoing surge in crypto trading among young investors, who primarily invest seeking short-term profits, according to The Korean Times. Investors also see cryptocurrencies as a fair chance to buy homes by countering skyrocketing property prices.
Koh also pointed out that excessive household credit could negatively impact South Korea’s economy. As of March 2021, the country’s household credit witnessed a 9.5% hike to reach 1,765 trillion won i.e. approximately $1.52 trillion. As a means to curb the increasing household debt, Koh said:
“The FSC will push ahead with existing anti-debt measures and come up with additional steps, if needed, by mobilizing all available policy means.”
Related: South Korean FSC denies plans to shut down 11 crypto exchanges
South Korean authorities were reportedly planning to shut down numerous crypto exchanges under the suspicion of operating fraudulent collective accounts and borrowed-name accounts.
However, on Aug. 9, the FCS reached out to Cointelegraph to deny such claims of suspending crypto exchanges. The representative stated that the 11 exchanges in question “are required to open up and use real-name accounts for the purpose of collecting deposits.”
Just last month, South Korean authorities warned crypto exchanges to voluntarily register with local authorities by Sep. 24 or risk facing jail time or hefty fines.
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