South Korean Government Stops Officials From Trading And Holding Cryptos

It has been reported by Maeil Busines that south Korean government has put a stop on trading and holding cryptocurrency, this has never happen before now, It is made known that any official caught in the involvement of cryptocurrency trading, will be charged to have violated the prohibition of forbearance obligations under the civil servants’ law and strict measures will be apply immediately, especially if the banned activities occur during work hours.

Maeil business quoted to have said “This ban will be applicable on all government  ministries, and each ministry will be in charge of pursuing whichever disciplinary response it deems appropriate”

Only United state of America and japan has a larger market for cryptocuurency than south korea last December the government denied the ban of cryptocurrency after it is being rumoured that it(government) has fully ban crypto in the country

The Korean Financial Services Commission (FSC), the Fair Trade Commission, and other related departments have already warned their employees not to invest in virtual currency, the head of the Office of Policy Coordinator, Hong Nam, told all public officials to do the same in earlier this month.

In January 2018, an accusation was confirmed by Financial Supervisory Service (FSS) chief Choi Hyung-sik, that south Korean officials from the Financial Supervisory Service (FSS) were involved in internal trading of cryptocurrency, this led to the introduction of bill which require public officials to declare their cryptocurrency investments.officials use  undisclosed knowledge of future regulations as well as market manipulation.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *