1/16/2018, 3:10 AM (Source: TeleTrader)
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S. Korea to regulate "irrational" cryptocurrency investment

South Korea will provide measures to regulate the "irrational investment craze" for cryptocurrencies, said Finance Minister Kim Dong-yeon cited by Yonhap. He decried a lack of viable global standards for digital currencies.

"The government stance is that it needs to regulate cryptocurrency investment as it is a largely speculative investment. The shutdown of virtual currency exchanges is still one of the options. We are also tinkering with the option of levying taxes," the minister said in a radio program. He expressed the need for better communication among government agencies. This comment comes after the Office for Government Policy Coordination stated a cryptocurrency ban can only be decided on after "sufficient consultation and coordination of opinions," seemingly contradicting a previous announcement by South Korea’s justice minister that a bill to outlaw digital currency trading is being prepared.

Breaking the News / DJ