Korea Post Consults Goldman Sachs Cryptocurrency Experts
South Korea’s national postal service operator, Korea Post, which also oversees $112 billion in investment funds has sought Goldman Sachs’ assistance in learning about cryptocurrencies.
Korea Post meets with Goldman Sachs
News outlet Bloomberg reported that officials from Korea Post will meet the executives from the Goldman Sachs’ crypto research group in Hong Kong this month.
The meetup would see an educated round up between the South Korean postal service and the American based company where topics like digital assets, AI, and blockchain will be discussed.
The president of Korea Post, Kang Seong-ju, announced in an interview that he discussed cryptocurrencies with Goldman’s new chief executive, David Solomon in his recent visit to New York.
“I asked Goldman to pass on their know-how in the cryptocurrency area… Since cryptocurrencies are considered to have potential, and are something many people are watching, we’ll need to learn the strengths and weaknesses.”
He noted that their research tour draws stems from the increasing popularity of these digital assets among the mainstream financiers, that the company has no intentions of investing in virtual currencies.
On the other hand, Goldman Sachs is reportedly making plans to introduce a cryptocurrency trading platform after initial plans of supporting Bitcoin trades were revealed earlier in May.
Speculations of a possible cryptocurrency custody service emerged after the Wall Street firm hired a head of digital-asset markets.
South Korea remains bearish on cryptocurrencies
When the virtual currency fever broke out last year, South Korea was one of the hot spots, contributing a very large quota to the market cap, however, things changed when its policymakers took a dim view of the market.
In September 2017, the South Korean government placed a ban on Initial Public Offerings (IPO), followed by the prime minister’s stance on cryptocurrency.
In November, South Korea’s prime minister warned that cryptocurrencies could lead young people towards pyramid scams and drugs.
The justice minister of South Korea took it further by seeking a ban on cryptocurrency trading platforms.
Things could change in South Korea
Although cryptocurrencies operations have not had the smoothest ride in South Korea, there is a possibility that things could change, as the country continues to formalize its cryptocurrency regulations.
Cointelegraph recently reported that the South Korean government debate on virtual currencies revolves around the country’s controversial Initial Coin Offering (ICO) ban and the creation of a Malta-style ‘blockchain island.’
Crypto firms operating from South Korea could find some solace in the government’s decision to regulate cryptocurrencies in cooperation with the G20 directive.
Korea Post has however announced that it has no intentions in investing in virtual currencies, but the research trip underscores how the once-fringe asset class is moving closer to reaching mainstream adoption.
Similarly, India’s Securities and Exchange Board (SEBI) in its 2017-18 annual report, announced that the agency organized tours to other countries for its officials to study cryptocurrencies and Initial Coin Offerings (ICO).