A recent report published by Korea Times announced that Choe Heung-sik, the head of Financial Supervisory Service (FSS) of South Korea does not feel that cryptocurrencies are anyway legitimate and that his agency has “no plans” of supervising its trading. With countries worldwide waking up to the Bitcoin revolution, this latest news from South Korea really comes off as a big surprise for crypto enthusiasts.
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The news report also indicated that the South Korean government felt that cryptocurrencies are linked to money laundering and speculation more than being used as a financial payment aid. Given such a background, they are wary of considering its trading as a financial service. Choe was quoted as saying that:
“Though we are monitoring the practice of cryptocurrency trading, we don’t have plans right now to directly supervise exchanges. Supervision will come only after the legal recognition of digital tokens as a legitimate currency.”
Irrespective of these comments made by the watchdog’s head, Bitcoin is gaining unparalleled popularity in South Korea which got triggered by the outage in the service platform of its major exchange Bithumb. This technical glitch caused traders to loose currency worth billions of won.
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