South Korea Plans To Prevent Illegal And Unfair Cryptocurrency Trading

In recent couple of months, South Korea has turned into a digital currency exchanging center. Hence, it drove the regulators to bring up proposals to crackdown virtual currency.

As expressed by the Hong Nam-ki, the minister of the office for government policy coordination:

“The Government’s basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology.”

South Korea had just got into action and forced limitations on digital currency. Nonetheless, in January, after the finance minister said that the government may close down the digital currency trades, individuals filed a petition against the minister and the proposed regulation.

Presently, because of the petition with 280,000 signatures that was sent to the presidential Blue House, South Korean government has said that it will make a firm move against the unfair and unlawful acts in regards to digital currency exchanging.

The Petition fundamentally requests that the government never impose any unreasonable regulations on the trading of virtual currency.

On January 30, the regulators prohibited the utilization of unknown bank account to exchange the virtual currency. In any case, they didn’t expect to close down the local crypto trades.

Hong likewise included that the nation is intending to report measures to build up the blockchain industry, inside the first portion of this current year itself.

According to Hong, the government will review this industry thoroughly inside the worldwide norms and further included that:

“But, the government is still divided with many opinions ranging from an outright ban on cryptocurrency trading to bringing the institutions that handle the currency into the system.”

Digital currencies like bitcoin are as of now confronting a crackdown in other Asian nations like China and India to tighten the regulations and protect the consumer interest.

Since the beginning of this current year, Bitcoin has endured an enormous crash, around 55 percent from its December price value and it has been trusted that this crash has been partly the result of the nations presenting crypto regulations.

The result of South Korea’s choice to work firmly against illicit digital currencies trading would already be able to be seen on the cost of the bitcoin. There has been a slight dip in its costs.

In any case, South Korea’s turn against the illicit exchanging isn’t negative as it has been in light of its citizens’ petition and furthermore, it will protect the interests of consumers.