South Korean Crypto Regulation Official Found Dead at Home 🚨 This article is 7 years old...
South Korean Crypto Regulation Official Found Dead at Home
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Updated: Sep. 9, 2018 at 7:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A ranking official responsible for the South Korean crackdown on cryptocurrencies was found dead in his home in Seoul on Sunday.
Jung Ki-joon, the head of Economic Policy at the Office for Government Policy Coordination is reported to have died of a heart attack while sleeping on the 18th of February. While South Korean police have not yet released an official cause of death, an announcement is expected upon the completion of an investigation by the coroner’s office.
South Korean news agency Yonhap reported on Sunday that police have opened an investigation into the official’s sudden death. Several of Jung’s colleagues have noted that the official was under heavy stress over recent months, referencing the high level of stress and pressure associated with his position.
The South Korean Government launched a schedule of weekly meetings for high-ranking officials involved in the regulation of cryptocurrencies in November 2017. Jung’s positions as the Head of Economic Policy involved integrating positions on cryptocurrency forwarded by different ministries, a high pressure role that directly influences South Korean government stance on digital currencies.
Jung led a briefing in mid-January this year at the Seoul government office, in which he referenced potential bans on cryptocurrency within the state:
“We will respond strongly to cryptocurrency speculation and illegal acts, but we will provide support to research and development relating to blockchain technology. The proposed shutdown of exchanges that the justice minister mentioned recently is one of the measures suggested by the justice ministry to curb speculation.”
The statements came in response to a significant upheaval in the cryptocurrency market, wiping billions from the market caps of popular cryptocurrencies and bringing the value of Bitcoin crashing down to almost $6,000.
Mixed Signals from South Korean Government
Conflicting announcements from South Korean government officials hint at a schism in the internal politics of the state, with Justice minister Park Sang-ki stating that the Justice Ministry was “basically preparing a bill to ban cryptocurrency trading through exchanges” on the 11th of January.
Jung’s statements at the January 15th briefing clarified the state’s perspective, with finance minister delivering a firm announcement that there will be no South Korean crypto ban later in the month:
“There is no intention to ban or suppress cryptocurrency”
Despite South Korean government officials stating that the country is not planning on launching stricter cryptocurrency regulation in the near future, it’s clear that there is a lack of consensus within the state apparatus on the best regulatory approach. South Korea’s volatile regulatory stance has led to cryptocurrency prices rising up to 50% higher than international markets, a phenomenon referred to as the “kimchi premium.”
Images via Yonhap
Posted In: South Korea, Regulation
