In a recent turn of events, South Korea’s national postal service, Korea Post (KP), has agreed on meeting with Goldman Sachs’ executives in a bid to understand cryptocurrencies ‘strength and weaknesses.’
In an interview with Bloomberg, Korean’s Post service president Kang Seong-Ju revealed that the service would be meeting with the American multinational investment bank soon. The South Korean National Post already oversees more than a 100$ billion investment fund and has admitted that despite the harsh and unyielding stance that the Korean government has taken towards cryptocurrencies, it keeps garnering influences and activities that would affect them without an option. As highlighted by Kang, this is the major reason a team of KP officials would be sent over to Hong Kong to meet with Goldman Sach’s cryptocurrency team, which was also set up this year. Kang told Bloomberg in his interview:
“I asked Goldman to pass on their know-how in the cryptocurrency area.”
While commenting on the evolution of cryptocurrencies into today’s market, he added, “Since cryptocurrencies are considered to have potential and are something many people are watching, we’ll need to learn the strengths and weaknesses.”
Whether Korea Post’s president Kang knows this or not, the timing of the announcement looks perhaps mistimed, if not ironic, given Goldman’s Sach’s Group decision to refrain from offering digital currency trading products, and recently dropped their plan to open a crypto trading desk. It is important to note that the announcement made by Goldman Sachs did induce temporary volatility in the cryptocurrency market with popular Bitcoin in particular quickly losing more than 400 USD dollars in minutes.
KP has No Interest in Investing in Cryptocurrency
Bloomberg in their report, however, was quick to note that the Korean national post does not have any interests or intentions in investing in cryptocurrency itself but is only looking to learn incipient details about the concept and crypto industry as a whole.
While the South Korean government continues to form regulations concerning cryptocurrency operations in the country, this is no doubt positive and encouraging news, and a step in the right direction.