South Korea’s Indirect Effort To Regulate Crypto : S. Korean Government Entities

The Presidential office of South Korea reacted over a past comment in defensive way to legalize or regulate Cryptocurrency use for the safety and security of Korean citizens.

Eun Sung-soo,Financial Services Commission chairperson, addressed the National Policy Committee on April 22 and said

In the present time most of the young Korean citizens are heading in the wrong direction. They are investing in Cryptocurrency. Probably they need lots of good suggestions and guidance about Cryptocurrency and how these can be very risky and have no intrinsic value.

In reply to this statement by FSC, People filed a petition to resign from the post of FSC chief. 

This petition was based on the actual problem that people are facing at group level in South Korea.

In the petition, it was clearly mentioned that the FSC chief is at the upper level and they don’t know what the younger generation is facing at the group level. Lots of unemployment and financial issues are moving citizens toward new Investment and earning  eras.

And also Eun Sung-soo doesn’t know about Cryptocurrency. So it is better for the FSC chief to know about Cryptocurrency perfectly instead of blaming anything blindly.

In response, the government entities didn’t address the FSC chief, but replied that the government entities and authorities are analysing Cryptocurrency use and future value. And also the actual meaning of the statement by the FSC chief was not to criticize the Korean Cryptocurrency users. 

It was indirectly meant to regulate Cryptocurrency so that south Korean citizens can use Cryptocurrency with more safety and security.

Well this incident is a clear indication that soon the government of South Korea will take his decision to regulate Cryptocurrency use in a perfect manner. And also they are in full favour of adopting Cryptocurrency use in Korean.

Read also: 69,000 Bitcoin Scam By Two Brothers At AfriCrypt