South Korean Establishes a Pan-Governmental Gathering to Address Growing Crypto Interest
A pan-governmental meeting was made in South Korea recently in order to monitor more closely the crypto market of the country. According to reports from KBS World Radio, a local broadcasting station in the country, one of the reasons why the meeting was proposed was to discuss the market after the prices of crypto started to spike.
The meeting was led by the Minister of Office for Government Policy Coordination of the country, Noh Hyeong-ouk. The main reason was the price spike that Bitcoin suffered recently, which made the price go up to $9,000 USD, although it went down a bit later.
What worried the government is that some people see the price rises as the market overheating, which could mean that the prices would go down with time and that local investors would get burned. When the token reached a similar price last year, prices crashed later. Obviously, it was a bear market back then, but the government is still uneasy.
Members from several parts of the government including the Ministry of Economy, the Justice Ministry, and the Financial Services Commission were reunited in the meeting. They focused mostly on the plans to minimize any bad effects on local investors and to survey the domestic crypto exchanges during this time.
Some plans were made in case the prices started to drop like last year and also against any case of fraud that may arise in the next few months related to any exchange of the country or another smaller business.
It was also decided that the meeting would pass a pending revision of the Financial Information Act, an important law in the country which is set to curb money laundering using the crypto exchanges of the country.
South Korea was recently reported as one of the countries in the world that most used cryptos. The other ones were Japan and the United States.