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South Korean Government Calls to Limit Cryptocurrency Trade In All Countries

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The South Korean government appealed to the bankers and financial regulators of organizations and countries that are members of the Financial Stability Board, proposing measures aimed at limiting cryptocurrency trading. This appeal was made during the FSB meeting in Switzerland.

Trading in virtual currencies exposes the international financial system to risks. The authorities of all countries should pay special attention to the regulation of this issue. Cryptocurrency is not under state control and regulation. Their high volatility can affect the consumer, as emphasized in the statement of the Korean authorities. In addition, the issue of using virtual money for money laundering, as well as their widespread use by fraudsters and criminals in conducting illegal operations, remains an important problem. All this requires representatives of the world community to pay special attention to the situation with cryptocurrencies.

Kim Yong-Bom, speaking on behalf of the South Korean delegation, also dwelled on the measures being taken by the government of his country in this direction. “The risks to the world financial system presented by cryptocurrency are extremely high, and we cannot ignore them,”- said Yong-Bom.

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