South Korea plans strict regulation of cryptocurrencies

Will the South Korean government ban the crypto trade or integrate it into the system? She is still considering both.

South Korea wants to step up its fight against illegal and unfair trading in cryptocurrencies. At the same time, however, the blockchain technology, on which Bitcoin & Co. are based, should be promoted, said Hong Nam-Ki, Minister for the Coordination of Government Policy, in Seoul on Wednesday. He responded to a 280,000-petition petition calling for a ban on cyber-currency trading. South Korea’s Attorney General had initially brought a shutdown of all crypto exchanges in the country in conversation. Shortly thereafter, however, the government rowed back. South Korea is one of the strongholds of the trade with Bitcoin & Co.

However, the government is divided over the scope of the planned regulation, Hong said. “The positions range from a total ban on trade to the involvement of crypto currency companies in the existing system.” In parallel, the Ministry of Finance is working on methods to tax virtual currencies. In the coming months, an initiative to promote blockchain technology should also be presented.

Author: Sara Bauer


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