The Financial Supervisory Commission (FSC)Thursday reiterated that the current ban on cryptocurrency would continue mostly to protect investors and prevent money laundering.
Sohn Hyun-do, an FSC official in charge of financial innovation, said the government would support the technological development of blockchain. However, the government has no choice but to regulate cryptocurrency trading to prevent social ills such as people’s blind investment in cryptocurrency and the ensuing huge loss as well as the use of cryptocurrency for laundering money.
He remarked at the Global Blockchain Policy Conference 2018 held at the National Assembly.
“The government has no choice but to remain unresponsive to the criticism that the South Korean government hinders the development of the blockchain and cryptocurrency sector through onerous regulations,” he said. The official said, “We should regain coolness over the negative impact of the blind cryptocurrency investment and the laundering of money through cryptocurrency.”
He acknowledged, however, that the government appreciates blockchain’s inherent and innovative nature, adding that the government would foster the blockchain industry.
The official added that the government would continue to review all bills on blockchain and cryptocurrency.
