Main opposition slams gov't over cryptocurrency policy confusion

By Yonhap
  • Published : Jan 12, 2018 - 11:50
  • Updated : Jan 12, 2018 - 11:50

The main opposition Liberty Korea Party on Friday criticized the government for confusion in its approach to curb cryptocurrency trading, citing it as a sign of policy ineptitude.

On Thursday, Justice Minister Park Sang-ki said the government is working on legislation that includes a complete shutdown of all virtual currency exchanges in the country. But the presidential office Cheong Wa Dae said later that no decision has been made yet over the shutdown, amid growing complaints from disgruntled investors.

Rep. Kim Seong-tae (Yonhap)

The government has recently been struggling to tackle the overheating in the cryptocurrency market, as many investors have suffered heavy losses due to price fluctuations and various crimes, including marketing fraud.

"As Cheong Wa Dae and the Justice Ministry have been poking around it, the cryptocurrency market that has been operating normally has turned into a rollercoaster," Kim Sung-tae, the floor leader of the main opposition party, said during a party meeting.

"Whatever (the government) touches, it triggers strong pushback," he added.

The ruling Democratic Party and government plan to hold a policy coordination meeting soon to discuss how to stabilize the cryptocurrency market.

"There has not been any decision yet on the policy (to deal with the cybermoney issue)," Hong Ihk-pyo, the vice policy chief of the ruling party, told reporters. (Yonhap)