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. My pleasure.