A South Korean cryptocurrency regulator in charge of “devising measures against cryptocurrency hypothesis” changed into located lifeless in his domestic from an obvious coronary heart assault on Monday, semiofficial authorities news business enterprise Yonhap news reports. a government spokesperson told The Wall avenue magazine they weren’t “positive approximately the cause of demise.”
South Korean police are investigating the loss of life of Jung Ki-joon, fifty two, who led financial policy at the workplace for authorities coverage Coordination. His process worried growing rules for regulating cryptocurrency in a in large part unregulated, rapid-growing marketplace the South Korean authorities seeks to control.
Ki-joon changed into in price of coordinating weekly conferences, which began in November of remaining year, on regulating cryptocurrency transactions. Hong Nam-ki, the minister of the workplace for government policy Coordination, headed up the meetings.
Yonhap news reviews his colleagues said he were “under heavy strain” due to the fact that taking the job past due closing 12 months.
SOUTH KOREAN CRYPTO SURGES
South Korea is a warm spot for trading Bitcoin. consistent with the government, the us of a’s 30 cryptocurrency exchanges saw 87.5 times more income in 2017 than the preceding year, Yonhap news reports. The charges of Bitcoin have traded higher in South Korea than in other markets, at instances by more than 50 percentage.
The South Korean won, its forex, is the fourth most popular forex for changing Bitcoin after the U.S. greenback, jap yen and the euro. kind of 5 percent of cryptocurrency transactions in 2017 were exchanged for won.
Ki-joon stated in a briefing final month that cryptocurrencies, like Bitcoin, weren’t a criminal foreign money and the government “would strongly reply to excessive cryptocurrency speculation and unlawful hobby,” in step with WSJ.
South Korea maintains to grapple with the way to regulate the rapidly developing cryptocurrency marketplace. The country’s finance minister, Kim Dong-yeon, stated in late January that “there's no purpose to ban or suppress cryptocurrency.”
While the united states of america moved to legalize cryptocurrency exchanges early this year, additionally they issued a ban on nameless exchanges, undermining the cause many human beings use cryptocurrency to guard their privacy.
South Korea is also thinking about a Bitcoin licensing scheme for exchanges, with commercial enterprise Korea quoting a central authority respectable pronouncing: “we're definitely thinking about the adoption of an trade approval machine as the extra law on cryptocurrencies.”