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Korea's financial authorities seek to gradually calm cryptocurrency craze Updated: 2018-01-14 12:10:40 KST

Korea's financial authorities are looking to curb speculation on cryptocurrencies in a gradual way and draw people out of the market.
According to finance-related officials on Friday, the government will first look for solutions under existing laws and then make new laws to shut down problematic crypto exchanges.
The authorities see a sudden shutdown of the exchanges as causing big losses for those with money in them, as evidenced by remarks on Thursday by the justice minister who said he was preparing to shut down the exchanges.
That caused the prices of crypto currencies to plummet in Korea and around the world, no doubt causing a lot of people to lose money.
It's expected that the governent will stick with its two-track approach of banning money laundering and ensuring that only real-name bank accounts are used while preventing market manipulation.
KOGL : Korea Open Government License
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