Gov’t announces plans to regulate cryptocurrency trading


양준석 교수님 대담

( : KOREA’S CRYPTOCURRENCY MARKET)
And to tell us more about this… Professor Yang Jun-sok from the Catholic University of Korea… joins us in the studio today.
So good to see you.

Happy to be here.

1- So the government made an official announcement on Monday…. in regards to cryptocurrencies and how it plans to regulate them.
How would *you assess yesterday’s announcement?

Now last week… Justice Minister Park Sang-ki said… the government was preparing a bill to ban the trading of virtual currency on domestic exchanges,… which threw the virtual coin market into turmoil.
And before we go on, let’s listen to what he said.

(SOUNDBITE)
“A shutdown of exchanges would be one of the goals we are aiming for. It has started to resemble gambling and speculation. The term “virtual currency” may not even be the right term. We would rather call it “a virtual token.”

2- So the Justice Minister’s remarks sent bitcoin prices plummeting.
But after the market’s sharp reaction to Park’s remarks…. the Presidential office said hours later…. that a ban on the country’s virtual currency exchanges had not yet been finalized.

3- The government had said that the fact the media is using the phrase ‘Kimchi premium’ reflects foreigners’ assessment that the Korean market is (QUOTE-UNQUOTE) “abnormal.”
What’s the situation like right now?

4- How are other countries dealing with digital currencies?

So the government has vowed special measures to clamp down on the overheated cryptocurrency market,… but said plans to ban the trading of virtual money aren’t in the pipeline yet.
Let’s take a listen to Jung Ki-joon… the head of the Office for Government Policy Coordination’s Economic Policy Coordination Office on the matter.

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