Breaking news: South Korea Plans to Legalize Bitcoin

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 crypto transactions, according to the report. In effect, this would mean that traders and even companies engaging in crypto transactions would be under the purview of the South Korean government.

actually its a gud decision in crypto field actually

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.