The South Korean authorities banned civil servants to engage in cryptocurrency activity

The South Korean authorities banned civil servants to engage in cryptocurrency activity

The South Korean government has banned its officials to keep the cryptocurrency, or trade it. This is the first case when the authorities imposed a ban on the virtual currency for all officials.

The Ministry of personnel issued a document called “Virtual currency stocks and transactions for public officials”, which says that officials involved in the cryptocurrency trading, “violates the statutory obligations for civil servants” and are subject to disciplinary penalties, especially if you engage in prohibited activities during working hours.

The statement stressed that the ban will apply to all government ministries. “Even if government officials do not cryptocurrency activity in the workplace, they can be held accountable”. “Each Ministry will be responsible for what disciplinary sanction should be applied”.

The government’s position in relation to cryptocurrency in South Korea, the world’s largest cryptocurrency market, after the USA and Japan according to the February 2018, at times not clear. In December 2017 the cryptocurrency markets reacted to Volney in connection with the rumors on a complete ban of cryptocurrencies in the country. Later authorities stated that they did not intend to prohibit or suppress the cryptocurrency trade.

The financial services Commission (FSC), the fair trade Commission and head of the Department for coordination of government policies Hong Nam-Ki had previously warned its employees about what to refrain from investing in cryptocurrency.

In January 2018, South Korean officials from the financial Supervisory Service (FSS) has been accused of insider trading of the cryptocurrency.

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