The Korean government confirmed its intention not to prohibit, but to regulate cryptocurrencies

The Korean government confirmed its intention not to prohibit, but to regulate cryptocurrencies

South Korea has confirmed its intention to ensure that the cryptocurrency could not be used in illegal financial activities.

In published on Wednesday a video, Hong Nam-Ki, the head of the office of government coordination said that the government takes a firm stance in ensuring transparency on internal cryptocurrency exchange.

Speech of hon Nam-Ki is a kind of response to the petition, which calls not to ban crypto transactions. According to the South Korean President, a petition signed by more than 280,000 persons, which means that the government is obliged to provide an official response.

Previously, we reported that governing bodies in South Korea there is no consensus on how to regulate cryptocurrencies. For example, the Minister of justice initiated a total ban on cryptocurrencies in the country. This was the main concern of citizens and the treatment in the form of the petition to the President of the country. After the statements of the Minister of justice, representatives of the government and the Ministry of Finance have repeatedly made statements that there were no plans for a complete ban on the cryptocurrency operations in the country the government does not.

A video message from Hon can be considered another proof that the government has no plans to ban cryptocurrencies, but rather to pay more attention to the strict observance of KYC procedures.

At the moment the government has given priority to the transparency of transactions in the cryptocurrency in the framework of current legislation. Recent raids of cryptocurrency exchanges has identified a number of actions that can be classified as illegal.

In response to these actions, the South Korean government has banned the activities of anonymous traders. Earlier, South Korean customs Agency said the country was derived $ 600 million.

Although the government does not entirely exclude the option of a ban on cryptocurrencies, Hong explained in a video that Prime Minister of South Korea is considering a ban as just one of the possibilities, which, incidentally, has many opponents in the government.

Hong also stressed that the promotion of the development of blockchain projects will be one of the main priorities in the coming year. He said that expenditure in the state budget for 2018 related to blockchain projects was significantly increased.

We will do our best to improve the technological competitiveness of the country through the development of blockchain industry. The government plans in the first half to develop the “basic plan for the development of the blockchain industry.”

Let's Disqus