Bitcoin Is a Commodity Not a Currency, Says South Korean Central Bank Chief

The head of South Korea’s central bank has ruled out classifying bitcoin as a currency, arguing that cryptocurrencies are a form of commodity instead.

According to Seoul-Yonhap News, Bank of Korea governor Lee Ju-yeol rejected the idea when asked on Monday whether it’s possible to accept cryptocurrencies as legal fiat. The declaration is  the latest official assessment on the tech following a ban on initial coin offerings.

“Regulation (for virtual currencies) is appropriate because it is regarded as a commodity, not at the level of legal currency,” Lee said during an audit of the government by the National Assembly, the country’s legislative body…

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