- Apex and CDBC have collaborated on carrying a digital currency project making huge progress on the go
- The Bank’s chief mentions that institutional investors have deliberately increased the inflations in the crypto markets
- He also mentioned that South Korea would be releasing a crypto regulation bill in 2022
The South Korean bank chief has mentioned huge progress being made in a project which was a collaboration between the Central Bank Digital Currency and the Apex Bank. Lee Ju Yeol, the governor of the Bank of South Korea and a higher level executive of the financial regulations in South Korea, said in a conference at the National Assembly of Finance Committee that there is such an in-depth value in cryptocurrencies like Bitcoin. Being in a very prestigious post of governor, he is blank in explaining the reason behind the huge surges that are being witnessed in the market of cryptocurrencies. But he cleared a point that due to the lack of in-depth value, this particular market domain will continue volatility at a high level of volatility. But the most notable concern of every market worker is the increasing rate of inflation and the increasing interests paid by the institutions in the cryptocurrency space.
A major backing behind the high inflation rates
A mention was made on the recent entering of Tesla into the crypto market; we have also noticed how Elon Musk moved from being the richest person to the second position just due to volatility in the prices of Bitcoin. Tesla has invested an amount as high as $1.5 billion in purchasing BTC, making this another important reason for the price inflations. This incident has shown us how major institutional investors are trying to make money via cryptocurrencies, thereby causing dynamic changes in the price ranges of crypto units. It has not only increased the capital market value of BTC to $1 billion but has also backed Bitcoin to reach the highest price of $58,000, which was right after an overwhelming price drop to $48,000. Such sudden declines have always been a drawback of the crypto market and industry.
Apex Bank’s progress in pictures
Lee Ju Yeol mentioned that he still believes that several institutional investors still consider the crypto market of a huge store value even after all these continuous happenings and are preparing to hedge using digital assets to combat the inflations, overseeing its high rate of volatility. Based on the increased progress made by Apex Bank in collaborating on a project with the CBDC, the chief mentioned that the project of CDBC is ready to run, as the Bank has completed all the designing and reviews. He also mentioned South Korea’s plan on introducing the cryptocurrency regulations in 2022, which implies that whatever profits are being made by the crypto industries will have to pay a regime of tax worth 20% of the profits.