A new case involving crypto-currencies ends up before the courts in south korea

A police officer in south korea has been indicted for his role in an operation aimed at circumventing the controls of the chinese capital. Using Bitcoin to transfer the funds, the case involves the movement of 12 billion yuan, about $ 11 million, by foreign exchange services in China and South Korea.

Journal of the Corner

When traders chinese are on the move in South Korea

The office of the prosecutor of the district, Incheon has recently announced that it had indicted a police officer of the police Department metropolitan Seoul. The man is 56 years old and is accused of violating the ” Foreign Exchange Transactions Act “, according to local newspapers. The officer initiated a currency exchange is illegal in South Korea, the newspaper reported Gyeonggi. A chinese employee of the currency exchange has also been charged, as well as a remote chinese who operated a currency exchange bureau in China. This woman took money from customers, which it then used to purchase Bitcoins and then transferred on a foreign exchange market of Bitcoins. The first accused, the police officer, then sold the Bitcoins and the funds were transferred to the accounts designated by clients, in South Korea.

Journal of the Corner

A case that calls for transparency and the granting of licenses

“A part of the money that came into Korea through the use of these foreign exchange market was used in domestic card casinos “, explained the charge. And to add : “The anonymity of the virtual money is likely to be exploited to steal goods abroad, to get the goods into the country, for drug trafficking and other criminal proceeds. “

It is important to note that South Korea currently has no legal framework for crypto-currencies. However, the government plans to tax the use of Bitcoin and is working on a draft law that target uses criminal involving crypto-currencies.

Source : News.Bitcoin