Bitcoin Strengthens the Confession of South Korea and China

Bitcoin prices rose about 5% as driven by positive momentum for cryptographic assets over the past week. South Korea's announcement to recognize crypto currency as an asset has helped to strengthen the Bitcoin price, as it shows that the country with a very active crypto trading center could soon establish a regulated crypto asset market.

In addition, Bitcoin's rise is supported by Chinese President Xi Jinping's speech that Blockchain is a breakthrough technology. Although China has positioned itself as a country that strictly forbids crypto currency, they are still trying to develop the technology of Blockchain widely.
South Korean Court Acknowledges Bitcoin As Asset
The South Korean high court recently seized 191 BTCs worth about $ 2.3 million from a man named Ahn. Ahn is known to be 33 years old it turns out to operate pornographic sites, and allegedly get money cry from pornographic business.

In addition to marking the first time the crypto currency has been confiscated in the country, the incident also shows South Korea's decision to recognize Bitcoin as an "asset with measured value". This is because in its statement, the court stated that "crypto currency is recognized as having value so it can be seized".

Chinese President: Blockchain Is a Future Technology
At a meeting of the Chinese Academy of Sciences and the Chinese Engineering Academy on May 28, Chinese President Xi Jinping mentioned that Blockchain is "A Breakthrough Technology". According to CNBC, Xi Jinping stated if the new generation technology represented by artificial intelligence, quantum information, Internet of Things, and Blockchain can accelerate the breakthrough in the future.

The Chinese government has always been bullish on Blockchain technology. However, the country creates a clear line of money between Blockchain and the technology it produces, the crypto currency. China is known to stop and ban all domestic crypto currency trading. In September 2017, China also banned ICO (Initial Coin Offering) and cracked down on all crypto currency exchanges. As a result, China-based crypto exchanges also migrate, mostly to Hong Kong. Binance, one of the largest crypto exchanges in the world even had to move to Malta because of the ban.