Breaking: South Korea is Preparing to Regulate and Legalize Bitcoin

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

According to a report today by the Korea Herald, representative Park Yong-jin, a lawmaker and member of the country’s ruling Democratic Party is drawing up three revisions this month to build a regulatory framework for digital currencies.

One of the bills will look at revising the existing Electronic Financial Transactions Act in order to mandate regulatory approval for cryptocurrency transactions, according to the report. In effect, this would mean that traders and even companies engaging in cryptocurrency transactions would be under the purview of the South Korean government.

In the draft proposal, Park pointed to “the void of a state-led protection that guarantees digital currency’s value”, citing the need to address “digital currency’s nonexchangability to other existing currencies” and intriguingly, “the possibility of wrecking havoc on national economy from digital currency bubble burst”, according to the report. Park, presumably a skeptic of digital currencies, has notably compared this year’s surging prices of cryptocurrencies with Europe’s tulip craze in the 17th century.

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/