Bitcoin is corrupting the youth says South Korean Prime Minister
In an interesting turn of events, South Korea’s prime minister is watching Bitcoin and not necessarily focusing on its price but instead are focusing on the moral aspect of bitcoin. The prime minister thinks that the cryptocurrency holds significant sway on the youth demographic of the nation and believes that the coin corrupts the youth!
The prime minister, Lee Nak-yeon stated:
“There are cases in which young Koreans including students are jumping in to make quick money and virtual currencies are used in illegal activities like drug dealing or multi-level marketing for frauds.”
He went on to add how the currency and the phenomenon that is taking place front the rise in value in the currency can lead to a serious distortion if it was left unchecked. It’s an interesting statement, if one saw that statement out of context, one would think it was a reference to drug use and distribution or some other common illicit activity.
Instead, it was a comment in regards to a currency, the fact that it is increasing in value, and how youth are using it as a means to an end.
The young already had the desire, now, being invested in the currency and profiting, they are able to do as they have always wanted to do. After all, the youth will be youth, right?
It looks like the South Korean leader doesn’t agree with that line of thinking and has went ahead and reached out to relevant departments (such as the ministry of Justice) of government to investigate these potential problems.
Laying down the Blueprints
This is a thought that is expressed by their leader at a time when their finance regulators are laying down the blueprints for how they will place checks and balances for cryptocurrency exchanges operating within the South Korean jurisdiction.
The government agency in charge, the Financial Services Commission (FSC) is finalizing the last aspects of their rules for the exchanges.
The department has been adamant on the importance of these exchanges to keep a high standard for the safety of the consumer, similar to those that a bank would possess. Consumer protection, separation of deposits and to the adherence of their own know your customer specifications. They make certain that people are aware that there will be consequences for those that step outside boundaries of these proposed rules and will be potential candidates for prosecution.
Crypto World in South Korea
Meanwhile, we are seeing that things are heating up in regards to cryptocurrencies in South Korea.
South Korea has become one of the significant players in the crypto world as it has seen a rapid increase in trading activity in Bitcoin and other cryptocurrencies. South Korea is one of the places that saw the price of bitcoin shoot up to $10,000. The country hosts some of the biggest exchanges, trading in large volumes on a regular basis.
Even bigger news in this market in the country is that, Shinhan Bank, their largest bank by assets, is seeking to first, test and then deploy a bitcoin vault and wallet platform. They are going to be moving forward with taking actions on the matter after receiving the necessary approvals.