The south Korean government wished to clarify its position in response to the recent decision of the supreme Court of the country. This last, indeed, has stated that crypto-currencies are assets whose value can be measured. The position of the government should be different from that of the supreme Court.
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The response of the south Korean government after the statements of the supreme Court
The main financial regulator of South Korea, the FSC has given its response after the decision of the supreme Court to recognize digital currencies, including Bitcoin, as assets. The supreme Court ruled, Wednesday, may 30, that the crypto-currencies are assets that can be confiscated. This institution considers the virtual currency as a product of the criminal.
Source : Pixabay. The south Korean government to clarify its position on crypto-currencies.
This case involved an operator of a pornographic website and 191 Bitcoins. The supreme Court of south korea for the first a decision on the crypto-currencies. According to Hong Sung ki, a senior official from the FSC, the judgment of the supreme Court and the government’s position must be considered separately.
The regulation remains the same
The chairman of the FSC, Choi Jong-gu, has also commented on the judgment of the supreme Court. He said that this institution has recognized the value of digital assets. However, to determine if the crypto-currencies are a financial product or not is not their jurisdiction, he added. The minister of Strategy and Finance Kim Dong-yeon, has stated that virtual currency such as Bitcoin are not financial assets. The financial regulator will examine the trends in the discussion of international regulations.
The opinions are quite divided in the country. According to a representative of the Association of companies specialized in the technology Blockchain in south korea, the government and the national Assembly should pay attention to the decision of the supreme Court and draw up a policy to integrate the transactions of crypto-currency in the current economic system.
Source : NewsBitcoin