Backlash to ‘no additional cryptocurrencies’ for South Korean police officers

Backlash to ‘no additional cryptocurrencies’ for South Korean police officers

PEOPLE | May 10, 2021 | WOZINGA NEWS

Backlash to ‘no additional cryptocurrencies’ for South Korean police officers

  • The government of South Korea aims to crack down on illegal cryptocurrency transactions.
  • Ministries and public institutions of South Korea receive backlash.

By Marielle Petere Wozinga Journalist

Backlash to ‘no additional cryptocurrencies’ for South Korean police officers

SOUTH KOREA — Korean National Police Agency prohibits police officers from buying additional cryptocurrencies.

Yet, some policymakers from the opposition party accused the South Korean government of involving crypto-related projects.

On May 7, KNPA stressed additional penalties if officers of the law fail to reveal crypto holdings.

The government aims to open further transparency in law enforcement agencies while eradicating illegal crypto-related transactions.

But, the opposition party attacked the government and public institutions for the alleged investment worth in cryptocurrency-related funds for the past four years 50 billion won (over $44 million).

Elimination of illegal crypto transactions

According to the local news site, the government commits eradicating unlawful crypto-related activities.

In April 2021, the South Korean government announced its campaign to eliminate illegal transactions using cryptocurrency.

Furthermore, it happened after ministries held a meeting at the Seoul Government Complex on April 7, 2021.

The Second Deputy Secretary of State Moon Seung-wook led the meeting. Besides, the Ministry of Strategy and Finance, Ministry of Justice, Financial Service Commission, and the National Police Agency participated in the forum.

In addition, Moon disclosed the purpose and the main objective of the forum. He said the government ought to deal with the digital asset markets in South Korea.

Backlash in South Korea

Recently, South Korea’s opposition party named the government ministries and public institutions hypocrites.

In this case, another national news site reported the accusation of Rep. Yoon Chang-Hyun against the Ministry of SMEs, the KDB Development Bank, Post Office, National Pension Service, and Industrial Bank of Korea.

Also, Yoon said that based on the data he received, these institutions indirectly invested in domestic digital currency exchanges via funds.

On this matter, the Ministry of SMEs explained. “When the government provides funding to the parent fund, the parent fund creates various venture funds, and the venture capital manages them.”

However, as a member of the National Assembly’s Political Affairs Committee, Yoon mentioned the contradiction of public institutions and government ministries’ goals against the digital currency while naming it as gambling.

Lastly, he added, “the government needs to change its perception of virtual currency.”

Do you agree with Rep. Yoon Chang-Hyun?

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