THELOGICALINDIAN - The bill to accommodate a acknowledged framework for agenda currencies including bitcoin in South Korea is set to be alien this ages However the government still has a cardinal of apropos and needs added indepth analysis as categorical at a aldermanic audition on Monday
Also read: South Korea Legalizes Bitcoin International Transfers, Challenging Traditional Banks
Bill Prepared to Launch This Month
At the end of this month, an alteration bill for the Electronic Financial Transaction Act will be alien by Rep. Park Yong-jin, a affiliate of the Democratic Party, according to bounded publications on Tuesday. News of him advancing this bill which will abode agenda bill was aboriginal appear beforehand this month.
On Tuesday July 18, Park captivated a aldermanic audition to altercate agenda bill at the National Assembly Library in Seoul. Public opinions were aggregate which he affairs to absorb into the bill he is drafting, News1 Korea reported, and quoted him adage (loosely translated):
“While you can see basic money as a new blazon of money, you charge to attending at it as a belief or an investment,” commented Han Kyung-soo, a advocate who abounding the hearing. “You charge a minimum bulk of protection,” he added, apropos to regulations for customer protection.
Bitcoin Discussed at Parliamentary Hearing
Just one day afore Park’s accessible hearing, South Korea’s above agent accounts abbot and the appointee to become the country’s top banking regulator, Choi Jong-gu, gave a advance address on agenda bill to Parliament. Choi served in the accounts admiral for about three decades and was afresh best by President Moon Jae-in to arch the Banking Services Commission (FSC).
Responding to Parliament’s inquiries at the audition which took abode at the National Assembly, Choi explained that the government has not set up any authoritative arrangement for agenda currencies. “We are starting discussions with added accordant ministries such as the Financial Supervisory Commission and we charge all-embracing research,” he said, as appear by Kpinews. He again detailed:
Meanwhile, South Korea has afresh legalized bitcoin all-embracing transfers in adjustment to addition the fintech sector. The move came anon afterwards cryptocurrency trading volumes acerb surged in the country, and an official task force was set up to actuate if bitcoin should be adapted at all.
Even with all of the advance in the breadth of cryptocurrency regulation, Choi told Parliament that “there is a appearance that it may canyon like the tulip advance balloon in Europe,” appear Seoul Finance.
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