And to tell us more about this... Professor Yang Jun-sok from the Catholic University of Korea... joins us in the studio today. So good to see you.
Happy to be here. 1- So the government made an official announcement on Monday.... in regards to cryptocurrencies and how it plans to regulate them. How would *you assess yesterday's announcement?
Now last week... Justice Minister Park Sang-ki said... the government was preparing a bill to ban the trading of virtual currency on domestic exchanges,... which threw the virtual coin market into turmoil. And before we go on, let's listen to what he said. (SOUNDBITE) "A shutdown of exchanges would be one of the goals we are aiming for.
It has started to resemble gambling and speculation. The term "virtual currency" may not even be the right term. We would rather call it "a virtual token."
2- So the Justice Minister's remarks sent bitcoin prices plummeting. But after the market's sharp reaction to Park's remarks.... the Presidential office said hours later.... that a ban on the country's virtual currency exchanges had not yet been finalized. 3- The government had said that the fact the media is using the phrase 'Kimchi premium' reflects foreigners' assessment that the Korean market is (QUOTE-UNQUOTE) "abnormal." What's the situation like right now?
4- How are other countries dealing with digital currencies? So the government has vowed special measures to clamp down on the overheated cryptocurrency market,... but said plans to ban the trading of virtual money aren't in the pipeline yet. Let's take a listen to Jung Ki-joon... the head of the Office for Government Policy Coordination's Economic Policy Coordination Office on the matter. (SOUNDBITE) "The government will push forward with the implementation of a real-name system for cryptocurrency transactions. At the same time, the government will crack down on illegal activities involving virtual money, including market manipulation, money laundering and tax evasion, through joint probes by the prosecution and police."
"The government will decide on a proposed shutdown of virtual currency exchanges after carrying out sufficient consultations with the related agencies." 5- So the government is going to keep pushing for real-name transactions and other anti-speculation measures as well as ordering banks to implement the new system as planned. Then what are some of the changes that we can expect in regards to virtual currency trading from here on out? 6- And this new system would also allow for the establishment of a taxation plan for virtual currency transactions, right?
7- The government's announcement during yesterday's press briefing backpedaled on Justice Minister Park's remarks last week on government plans to ban cryptocurrency trading. What's your outlook on this front? 8- But then there are calls for the government to come up with long-term measures to effectively regulate cryptocurrencies and stabilize the market. 9- With all the ongoing controversies surrounding the domestic cryptocurrency market... what's your take on it? In what ways should the government tackle the problems affecting cryptocurrencies? Thank you for your insight today professor.
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