South Korean government calls on 23 countries and 12 international organizations, including the International Monetary Fund and the European Union, to step up their cooperation to jointly deter encrypted digital currency transactions.
South Korea urged other regulators to take action
Kim Yong-bum, the deputy chairman of the Korea Financial Supervisory Commission, represented the ROK on Monday at the Steering Committee of the Global Financial Stability Board in Basel, Switzerland.
The Global Financial Stability Board is an international organization that oversees the global financial system and makes recommendations. Its members come from financial regulators and central banks in 24 countries, as well as 12 international organizations. Currently, besides South Korea, China, Japan, India, Russia, South Africa, Switzerland, the United Kingdom and the United States are all members of the committee. Representative institutions include the International Monetary Fund, the Bank for International Settlements (BIS), the World Bank, The European Central Bank (ECB), and the European Commission.
According to the report of Asia Economy, the meeting discussed the "Assessment on the regulatory reform of the virtual currency and the measures to reduce cybercrime and cybersecurity." When talking about transnational online transactions involving illegal activities and money-laundering, Kim Yong-Bu called for cooperation among countries in curbing virtual currency transactions. He pointed out that it is time to discuss digital currency transactions internationally. Kim Yong-Bu said:
"International financial risks related to virtual currencies will continue to grow, so all financial regulators should pay close attention to this ... In particular, virtual currency is generally beyond the traditional financial regulator's jurisdiction and therefore It may affect the average consumer. "
Countries are called for more cooperation
Kim Yong-Bu said that the South Korean government is banning virtual currency exchange to provide new user registration services, but also to strengthen the virtual currency account holder's real-name verification. Kim Yong-cloth told other countries, the financial regulator representatives:
"Virtual currencies are too risky to ignore ... We will increase transparency and prevent the spread of speculative transactions and money laundering."
Kim also urged the Global Financial Stability Board to take action and pointed out the need for the Global Financial Stability Board to rapidly study the potential risks of fictitious currencies in terms of financial stability. In addition, he also suggested that all countries should integrate and share information on the regulatory content and effects of the virtual currency and jointly study virtual currency countermeasures.
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Thanks for sharing. What do you make of this? Does it have practical value? What comes to us is what THEY want us to know, so there must be a reason to put it out. I really have no idea why though.
Reposted this in Minds as well.
All governments in the world control the movement of their people's money for several purposes, including taxes and anti-money laundering, but with the virtual currency has become difficult to control and follow-up so they try to develop global laws to follow the virtual currencies transaction, feel free to share my articles as you wish in anywhere Knowledge is not limited to anyone, but for the progress of nations, thanks for the support!