South Korean legislators call for the use of the encrypted money bill to protect consumers

nnnThe South Korean legislature organized a public hearing, including lawyers, professors, South Korea’s top financial regulators FSC officials, and representatives of the victims of the currency Ponzi scheme. The focus is on strengthening the protection of industry start-ups and technical experts to consumers. At the meeting on behalf of the express their views, but now there is no clear South Korea’s regulatory plan.n
nnTranslation: Annie_Xun
nSouth Korea legislature organized a public hearing, indicating that the proposed reform of monetary policy to open a new discussion.n
nLocal media reported that South Korean legislator Park Yong-jin made use of his own chairman’s forum to call for increased consumer protection in the bill. The purpose of the hearing is to lay the foundation for the regulation of South Korea, two weeks ago Park announced the first plan, in the bill to add Bitcoin and currency and other currency terms.n
nThe panel members include lawyers, professors, officials of the highest financial regulators in Korea (FSC), and victims of the encrypted currency Ponzi scheme.n
nSo the focus of the talks is to strengthen the industry start-up companies and technical experts on the protection of consumers.n
nPark said in particular that there is no legal basis for traders to protect is a daunting task.n
nn”There is no legal framework we can not regulate, develop, can not support the encrypted currency-related industries, and legal vacuum for those who implement virtual currency-related criminal activities can not be punished.”n
nnBut there are still positive comments. Jung Sun-seop, a professor of law at Seoul National University and head of the Center for Financial Law, says the law should determine the legal payment status of the encrypted currency.n
nResearchers Lee Dae-ki, a researcher at the Korea Institute of Finance, said the regulation of encrypted currency transactions and brokerage services should precede the currency itself, as the former could involve illegal activities.n
nSimilarly, Chance Won-hee, who is on behalf of the Ponzi scheme, should severely punish the money-related illegal activities to prevent financial fraud.n
nFSC on behalf of Kim Yeon-june said the government has not yet decided whether to finance the encrypted currency.n

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