In South Korea died official responsible for the development of the regulation of cryptocurrencies

In South Korea died official responsible for the development of the regulation of cryptocurrencies

The South Korean official responsible for “the development of measures against cryptocurrency speculation,” was found dead in his home, reports the Yonhap News Agency. A government spokesman told The Wall Street Journal that they are not “sure of the cause of death”, but according to preliminary data the result of death was a heart attack.

South Korean police are investigating the death of 52-year-old Jung Ki-Joon, who headed the economic direction in the Office for the coordination of public policies. His work has been the development of rules for the regulation of cryptocurrencies as-yet unregulated, fast-growing market.

Ki-Joon was responsible for organizing weekly meetings that began in November last year, to regulate cryptocurrencies. Hong Nam-Ki, the Minister of the office for the coordination of the state policy, these meetings are headed.

Yonhap News reports that colleagues of Ki-Joon saying that he was under the influence of extreme stress after taking up this position at the end of last year.

South Korean cryptocurrency market

South Korea is one of the biggest cryptocurrency markets in the world. According to the government, 30 the cryptocurrency exchanges of the country increased their income at 87.5% compared to the previous year. Bitcoin and other cryptocurrencies in South Korea, as a rule, higher than in other markets .

KRW is the fourth most popular currency at the exchange operations with bitcoin after the U.S. dollar, the Japanese yen and the Euro. About 5 percent of the transaction with cryptanalytic number one in 2017 had won.

Ki-John at a press briefing last month, said that cryptocurrencies, such as bitcoin, are not legal currency, and government

…resolutely react to excessive cryptocurrency speculation and illegal activity.

As South Korea will regulate cryptocurrencies?

South Korea not finally decided on how to regulate the cryptocurrency market. Finance Minister Kim Dong-Yon at the end of January stated that the government “has no intention to ban the cryptocurrency”.

After the legalization of the work of crypto-currency exchanges and exchange offices, the government banned the work of anonymous and foreign traders. Although the anonymity of cryptocurrency for many was the main reason for the interest in them.

In any case, it seems that South Korea is on the path to a more robust system of regulation.

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