Korea Post, which currently oversees a $112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology.
In a recent interview, the Korea Post president revealed that he initiated a discussion with David Solomon, Goldman Sachs’ new chief executive, noting, “I asked Goldman to pass on their know-how in the cryptocurrency area. Since cryptocurrencies are considered to have potential, and are something many people are watching, we’ll need to learn the strengths and weaknesses.”
Due to the fact that Korea Post has pursued investments in real estate and infrastructure assets abroad, it’s projected that their intrigue regarding cryptocurrency may play into the company’s interim plans toward a possible integration. While there have been questions surrounding Goldman Sachs current position regarding a dedicated crypto trading desk, the company has noted that it plans to introduce cryptocurrency-based custody services for institutional investors like Korea Post.
The cautious pace that Korea Post has taken in their query of cryptocurrency may be due to South Korea’s hesitancy towards the digital asset class. The current South Korean prime minister has noted that cryptocurrencies may be responsible for potential pyramid scams and the spread of narcotics, and the South Korean justice minister has even proposed an outright ban on cryptocurrency.
However, for the time being, the South Korean government will regulate digital assets per the G20 initiative.