The South Korean government has been talking for month about the strict regulations they’re going to put on cryptocurrencies. That said, the government can’t seem to make the move. They have yet to put any of their regulations in motion. They verbally cannot get enough of making these threats. They have said that given risk like hacks and money laundering, cryptocurrencies need strict regulations put on them.
Tuesday saw Hong Nam-ki, the minister of office for government policy coordination stand before the parliament and state, “The government hasn’t made any conclusion yet. Sufficient consultations should come first,”
Hong has further stated that the governments meant desired goal is to foster transparency in virtual currency trading. Whilst this happens they will have regulators watch over things for any illegal activity. Furthermore he touched on the decision to ban cryptocurrency or alternatively introduce it into the mainstream. At the moment it is still a touchy subject.
When it came to the cryptocurrency craze, South Korea was hit hard. They soon became one of the world’s biggest hubs for cryptocurrency trading. Everyone in the country was embracing cryptocurrency. Not only corporate big shots, but also students and even housewives. Meanwhile,global policy makers have warned investor over the lack of regulatory eyes watching for trouble.
Things have looked very up and down and regulators and authorities have had conflicting ideas as to how to control cryptocurrencies. It was only weeks ago that they announced a ban of cryptocurrency exchanges. This banning idea has since be revoked and now authorities are talking about normalizing the cryptocurrency trade and promoting blockchain technologies.
Given the rising popularity of cryptocurrencies in South Korea and around the world, we can assume that the government is having second thoughts about holding back what is evidently taking the world by storm.