Governments treat crypto-currencies in different ways. Some forbid them, regarding them as a threat, while others formulate laws in order to be able to regulate the activity of crypto-miners and crypto-exchange platforms.
South Korea has decided to go the other way and has just agreed to touch Bitcoin until it becomes a ‘real’ currency.
“The financial regulators and authorities of South Korea do not intend to interfere in bitcoin trade and take control of the crypto-exchange exchanges, while Bitcoin does not have the status of the official currency, it is not going to regulate it,” the Korea Financial Service Chief Hung Sik.
The Head of Financial Services has compared the trade in crypto-currency with the activity of a casino, admitting that the miners and traders are risking their savings. However, he also noted that, although there may be problems with excessive gambling, this does not mean that the financial service should control casino activity.
It is interesting that the casino comparison was also made by the former Minister of Finance of the Russian Federation, now the head of the Center for Strategic Research, Alexei Kudrin, but, citing this example, he warned Russian citizens, noting that many can lose their money irretrievably.
In this case, the trade in crypto currency in South Korea is monitored, but to interfere with the process and control it directly could only take place after digital tokens are recognized as a legitimate currency and a legitimate payment means.
Against this backdrops, owners of crypto-exchange farms and exchanges found no way to relax because in September of this year, the South Korean authorities were considering the possibility of freezing all trade in crypto-currency, following the example set by China.