Friday September 29 was a peculiar day for bitcoin enthusiasts in East Asia. While Japan’s government moved to officially recognize 11 cryptocurrency exchange operators, and while South Koreans were gearing up for a 10-day public holiday, the Seoul government pulled a move that blindsided many.
Things are moving fast in South Korea’s digital currency world. But Kakao’s recent decision to set up a cryptocurrency exchange is possibly the country’s most significant digital currency development yet. To call Kakao Corp an internet giant would be an understatement – its Kakao Talk app is by far and away Korea’s most widely used chat app, while its Daum search engine is second only to the monolithic Naver.
Up until recently, blockchain technology was just something for South Korea’s cryptocurrency geeks to obsesses about – but it has quickly become a matter for top-level executives and high-ranking government officials.