South Korea Refused to Recognize Cryptocurrency in Cash

December 20, 2017

South Korea Refused to Recognize Cryptocurrency in Cash

South Korea's Financial Supervisory Service said that it does not consider Bitcoin and other cryptocurrencies to be payment ways,  and would not seek to regulate their trade beyond rules announced last week.

"The only thing we can do is to warn people not to use virtual currencies as actual types of means of payment for goods and services”, FSS governor Choe Heung-sik said. Besides, he added that creation of new legislative cryptocurrency proposals would lead to many investors being interested in this market, unfortunately, these investors would not have a certain state.

Cryptocontrol news from South Korea has become quite frequent. Earlier this month, the Financial Services Commission of South Korea (FSC) announced the conduct of crypto exchanges through unauthorized fundraising, and last week they also banned Bitcoin futures trading on the territory of South Korea.

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