South Korea vows firm action against illegal cryptocurrency trading
SEOUL, Feb 14: South Korea said on Wednesday it will take firm action against illegal and unfair acts in cryptocurrency trading after a 280,000 signature petition was sent to the presidential Blue House.
"The government's basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology," Hong Nam-ki, minister of the office for government policy co-ordination said in a statement.
The petition was made after the justice minister said in January that the government may shut down cryptocurrency exchanges. It demanded that the government never impose unreasonable regulation on virtual currency trading.
The government has to produce an official response within a month for a petition that gathers more than 200,000 signatures.
South Korea, which has become a cryptocurrency trading hub after a market frenzy that attracted even housewives and students, has already imposed some regulations on cryptocurrency trading. —Reuters