South Korea’s only securities exchange – the Korea Exchange (KRX) has informed about its intention to set an over-the-counter (OTC) trading platform, which is about to use the blockchain tech.
As the Korea Times reported, Korea Exchange is at the beginning of developing a system for trades, inspired by blockchain technology, using code like that that underlying bitcoin and other digital currencies. As a representative of the Korea Exchange stated for Korea Times, the platform could help its OTC traders reduce the cost of transactions. He added:
“Though many steps remain before the system’s official launch, we expect this would help off-board dealers to trade more easily by saving their costs and efforts in seeking trade partners.”
Korea Exchange became the latest firm to explore use of the blockchain technology to facilitate securities trades.
As we know, US’ NASDAQ launched Linq in November, while the Australian Stock Exchange is also undertaking steps to take advantage of the technology.
Russia’s central bank exploration
But not only private sector became interested in the blockchain tech. The Bank of Russia has reported that it is planning to “analyse and evaluate” potential applications of blockchain technology within financial sector.
As the central bank informed on Sunday, an expert group has been established to make analyze the “advanced technologies and innovations in the financial market”, with the aim to study distributed ledger technologies, as well as developments in mobile, payments and other areas.
All this came after some public entities in Russia started to support a possible ban on monetary surrogates, where also digital currencies are included. The blockchain technology was seen as a problematic by Russia’s Ministry of Finance, members of the state duma (parliament), or Investigative Committee. Nevertheless, Russia’s central bank is more optimistic about the advantages of blockchain tech.
According to Olga Skorobogatova, the Bank of Russia’s Deputy Chairman (and leading member of the working group), said in a statement:
“The development of modern financial market[s] is inseparable from the development of financial technology.”
Earlier this month, the Bank of Russia’s head, Elvira Nabiullina, has announced that the bank was “closely monitoring” blockchain technology with the aim of “developing its own approach to financial innovation”.
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