South Korea to Launch World’s First Digital Commodity Exchange

Must read

Jeff Horseman
Jeff Horseman
Jeff Horseman got into journalism because he liked to write and stunk at math. He grew up in Vermont and he honed his interviewing skills as a supermarket cashier by asking Bernie Sanders “Paper or plastic?” After graduating from Syracuse University in 1999, Jeff began his journalistic odyssey at The Watertown Daily Times in upstate New York, where he impressed then-U.S. Senate candidate Hillary Clinton so much she called him “John” at the end of an interview. From there, he went to Annapolis, Maryland, where he covered city, county and state government at The Capital newspaper. Today, Jeff writes about anything and everything. Along the way, Jeff has covered wildfires, a tropical storm, 9/11 and the Dec. 2 terror attack in San Bernardino. If you have a question or story idea about politics or the inner workings of government, please let Jeff know. He’ll do his best to answer, even if it involves a little math.
  • Busan City intends to establish the world-first decentralized digital commodity exchange.
  • Tokenizing commodities would enable traders to invest modest interests in-expensive products.

South Korea’s second-largest city Busan will launch the first decentralized digital commodity exchange in the world, where all goods will be tokenized and traded using blockchain technology

The announcement came as its earlier plan to pursue a city-backed cryptocurrency trading platform. However, according to a press release from the Busan city administration, tokenizing commodities would enable traders to invest modest interests in-expensive products like real estate, gold, and intellectual property.

Busan City Initiatives

On Thursday a meeting between the Busan City Government and the Busan Digital Asset Exchange Establishment Promotion Committee resulted in the announcement of the future vision.

The Busan Digital Asset Exchange Establishment Promotion Committee explained that the strategy entails combining domestic financial institutions and digital asset exchanges as well as implementing a transaction support system that would serve as the exchange’s foundation.

The port city is also well-known for the G-Star video game exhibition and the Busan International Film Festival (BIFF). As the exchange will tokenize the intellectual properties of video games and movies. In February, Busan plans to create a legitimate corporation and conduct technical tests. Also, the city stated that it intended to eventually enhance the exchange’s offerings to include all blockchain-based digital assets.

Further, on January 19, South Korea’s Financial Supervisory Services (FSS) proposed to create a cryptocurrency monitoring tool. And this rewards and penalty system would be added to the identity verification system by the end of January. It will encourage cryptocurrency investors to provide identifying information while engaging in transactions. Also, investors who refuse to verify their identity will face penalties.

Latest article

More articles