South Korean Finance Watchdog Has ‘No Plans’ to Regulate Bitcoin Trading

The administrator of a South Korean financial regulator has pronounced it has “no plans” to manipulate bitcoin trading, according to a report.

In remarks done to reporters today, Choe Heung-sik, arch of a Financial Supervisory Service (FSS), pronounced that, given his group does not perspective cryptocurrencies as “legitimate currency,” a FSS does not intend to manipulate trade of a digital assets.

According to a Korea Times report, Choe combined a South Korean supervision believes that cryptocurrencies are used in speculation, not as remuneration tools. As a result, a watchdog considers that cryptocurrencies are not financial products, nor is trade them a financial service.

He said:

“Though we are monitoring a use of cryptocurrency trading, we don’t have skeleton right now to directly manipulate exchanges. Supervision will come usually after a authorised approval of digital tokens as a legitimate currency.”

The watchdog head’s comments come amid flourishing recognition of cryptocurrency trade in South Korea, and might have been stirred by a new outage of vital domestic sell Bithumb, that recently gifted a technical outage that reportedly mislaid traders billions of won.

Seoul picture around Shutterstock

The personality in blockchain news, CoinDesk is an eccentric media opening that strives for a top journalistic standards and abides by a strict set of editorial policies. Have violation news or a story tip to send to the journalists? Contact us during news@coindesk.com.

About admin