Finance Minister clarifies gov’t stance on cryptocurrency, housing markets

The nation’s finance chief clarified the government’s
stance on a number of highly contentious economic issues. In a recent interview,… the minister touched
on cryptocurrencies, housing market measures and the minimum wage. Kim Ji-yeon shares with us his remarks. Finance Minister Kim Dong-yeon first apologized
for the confusion caused by the government’s mixed signals on the nation’s cryptocurrency
market,… but stressed that there’s now broad consensus across the ministries that the overheated
market needs tighter regulations. In an interview on Tuesday with local radio
station TBS,… Kim said that shutting down local cryptocurrency exchanges is still on
the table and related ministries are working together closely on a comprehensive set of
measures. However, he admitted it’s difficult as there’s
no globally accepted standard that could serve as a basis. He also acknowledged a blanket shutdown would
cause massive financial losses for the millions of Koreans with money in the exchanges…
as well as prompt people to shift their money into overseas exchanges or seek more covert
transactions. Despite these risks, Kim claims highly speculative
practices on cryptocurrency exchanges cannot be compared to the stock market… and said
regulations are needed to prevent crimes, such as money laundering and market manipulation. (Korean- )
“The government seems to appear consistent when it comes to regulating the overheated
cryptocurrency market. These signals would have a considerable impact
in cooling down speculative forces.” Despite his tough tone,… the minister added
that the government is keen to foster blockchain technologies, the backbone that powers cryptocurrencies….
and are regarded as future tech that could play a leading role in helping Korea advance
into the ‘Fourth Industrial Revolution.’ On the government’s efforts to curb speculation
in the housing market,… Kim said it has been effective despite recent data showing
price hikes in certain areas… and added that property tax hikes for owners of multiple
houses is a reasonable measure. The minister also defended the government’s
decision to sharply raise the minimum wage this year… in response to criticism that
it has caused more harm than good,… particularly to small businesses. The Moon Jae-in administration hiked Korea’s
minimum wage to seven U.S. dollars an hour for 2018, up by 16-point-four percent from
last year. Kim Ji-yeon, Arirang News.

One thought on “Finance Minister clarifies gov’t stance on cryptocurrency, housing markets”

  1. Thank God I'm not South Korean, this country is becoming indistinguishable from China. They want to control the market, not nurture it. Get your money out of South Korea people.

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