Goldman Sachs to give South Korean postal service ‘Know How’ ideas on cryptocurrencies
Korea Post, the national postal service of South Korea, will develop connection with Goldman Sachs to derive “know-how” on cryptocurrencies. In an interview, the president of the postal service, Kang Seong-ju has given a ratification about the officials of Korea Post to visit Hong Kong to meet the banking giant on this issue. A separate team dealing with only cryptocurrency has been set up by Goldman Sachs in the initial phase of this year.
Bloomberg has reported on 5th September that in the interview the president of Korea Post has already mentioned about a deliberation with Goldman Sachs’ incoming chief executive, David Solomon . The subject, on which the discussion in New York was recently held, revolved around cryptocurrencies, in particular.
As the month comes to end, the staff of the postal service will have discussion and meeting with the research team of Goldman Sachs. With the help of the meeting, the staff would seek lessons and knowledge on blockchain technology, digital assets and related topics like artificial intelligence. The South Korean post service has an amount of $112 billion investment fund.
The statement of the President of Korea Post
According to the Kang, Korea Post President, “I asked Goldman to pass on their know-how in the cryptocurrency area.” He also stated, “Since cryptocurrencies are considered to have potential and are something many people are watching, we’ll need to learn the strengths and weaknesses.”
This event is, indeed, ironical since it comes out at a time when Goldman Sachs dropped its cryptocurrency trading plans. The sudden u-turn from the previous standpoint of the gigantic bank headquartered in New York laid a negative impact on the cryptocurrency prices in the market space. There has been a significant downfall in Bitcoin price that lost almost $500 each minute. Currently, Bitcoin is hovering at $6496.
Bloomberg has further stated that there are “no plans” of Korea Post to make investment in digital currencies. However, Kang is of the opinion that knowledge on cryptocurrency should be welcomed and nurtured. According to his words, “We should accumulate know-how.” The present state in South Korea is that the nation is involved in formulating the policies and regulations of cryptocurrency.
Image via Shutterstock
Join our Telegram group