'Pay Close Attention' to Any Ethereum Proof-of-Work Hard Fork, Says Japan's bitFlyer

As a result of Ethereum's (ETH) switch from proof-of-work (PoW) to proof-of-stake (PoS), the Japanese cryptocurrency exchange bitFlyer has stated that it will "pay close attention" to any hard forks that may occur and that forked tokens that rely on PoW could be supported.

BitFlyer stated in a blog post that was published on Monday that it will take into consideration the situation before deciding whether to support any forked tokens.

According to a rough translation of the Japanese blog post, "We will closely monitor the value of ETHPoW tokens and demands from customers, and depending on the scenario, we may consider awarding and processing ETHPoW tokens in kind, or providing cash corresponding to their worth."

The exchange also stated that before handling any new tokens, it must receive permission from the Japanese Virtual Crypto Assets Exchange Association (JVCEA).

Major exchange Binance previously stated that it would "review and consider support" for any ETH tokens that forked this month, while FTX stated that it would "examine the distribution" of any forked tokens. In its comment on the subject, FTX continued, "If FTX decides to release forked tokens, we will distribute the tokens once the project has concluded."

The language of a statement from OKX and other significant cryptocurrency exchanges was similar.

The US-based cryptocurrency exchange Kraken stated in a study earlier this month that there isn't a "black and white" solution to the PoW vs. PoS debate. Instead, the research advised anyone considering adopting a blockchain network to gain a "nuanced understanding of the two and their trade-offs" in order to choose the solution that is "best suited" to their requirements.

Around September 15, Ethereum's Merge, or switch from PoW to PoS, is anticipated to take place.