“No Plans” for Regulation of Bitcoin Trading by South Korean Finance

According to a report, the governor of South Korean Finance Regulator said that they have no plans for supervising the trade of BitCoin. Choe Heung-sik who is the chief of the Financial Supervisory Service (FSS) in remark said that as his agency doesn’t view the cryptocurrencies as honest currency hence there are no intentions of supervising the trade of BitCoin by FSS.

In the report of Korean Times, Chloe said more in addition. He said that it is believed by the Korean Government that the cryptocurrencies are limited to be used as investments in stock, property, etc for profit purpose but are not payment tools. Furthermore, the watchdog suggests that the cryptocurrencies are not any financial products and including them in trading financial services doesn’t make them any too.

The head of watchdog remarks along with the increasing popularity of trading of cryptocurrency in South Korea and this may have encouraged the recent decrease of Bithumb who is a major domestic exchange. Furthermore, Bithumb suffered a technical outage and loss of billions of worth of traders was also reported along with it.

In addition to the comments made by Choe, the cryptocurrency will only be supervised when they gain a legal recognition.