South Korean government show concern on crypto spike in high level meeting

south korean government worried over crypto spike

According to a recent media report, a pan-governmental meeting has reportedly been held in South Korea to institute a tight watch for Korean crypto market in the midst of the topical accretion in crypto appraisals.

The meeting held today was chaired by Noh Hyeong-ouk Whi is currently holding the office for the Ministry of Government Policy Coordination.

According to the report, the meeting was principally stimulated by Bitcoin’s (BTC) fresh breakdown above ten million worth approximately eighty-four hundred dollars (~$8,400).

In the past year, the coin hit a comparable assessment, when local officers supposedly inferring the current rise as a symbol of a possibly heating market.

The participants of the meeting included officers from the economic and Finance Ministry, Justice Ministry and the state’s financial manager, the Financial Services Commission (FSC).

Zones of emphasis encompassed a strategy to strictly supervise local crypto exchanges and to mediate in a proposal to minimalize complications for stockholders so that the market stays propelling.

Other ideas include vows to take tough actions against any fraud spotted by developing a close partnership between law implementing system and FSC.

Furthermore, the meeting emphasized the requirement of swiftly passing an unresolved review to South Korea’s Financial Information Act, which would forbid money laundering through crypto exchanges.

According to a report published last month, multiple research data proposed that the USA, South Korea and Japan are the leading crypto-admirers across the world. In addition, the report stated that the recent escalation of bitcoin price surge has urged related sensations.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Ukraine war and Bitcoin plunge exposes crypto as no hedge against equities

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse