Korea’s financial authorities seek to gradually calm cryptocurrency craze

Korea’s financial authorities are looking
to curb speculation on cryptocurrencies… in a gradual way… and draw people out of
the market. According to finance-related officials on
Friday,… the government will first look for solutions under existing laws… and then
make new laws to shut down a few problematic crypto exchanges. The authorities see a sudden shutdown of the
exchanges as causing big losses for those with money in them, as evidenced by remarks
on Thursday by the justice minister who said he was preparing to shut down the exchanges. That caused the prices of crypto currencies
to plummet in Korea and around the world, no doubt causing a lot of people to lose money. It’s expected that the governent will stick
with its two-track approach of banning money laundering and ensuring that only real-name
bank accounts are used… while clamping down on crimes like market manipulation.

Leave a Reply

Your email address will not be published. Required fields are marked *