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  • Given the rising of the resurgent cryptocurrency market, the Korean government are concerned about risks.
  • In a statement, it was noted the  government will be looking at methods to closely monitor all developments.

The Korean government are planning to “closely monitor the market situation in the future and actively respond to the risk of investor damage,” this was coming from an official government statement, posted across the local newswires.

Minister for the Office for Government Policy Coordination, Noh Hyeong-ouk, did announce that the inter-agency meeting in a government statement on Tuesday, detailing that participant of the session included Ministry of Economy and Finance, the Ministry of Justice and the nation’s top financial watchdog, the Financial Supervisory Commission.

Further within the official statement of the meeting:

 Since virtual currencies are not legal currencies and nobody guarantees their value, the price fluctuates drastically due to illegal acts, speculative demand, and changes in the domestic and foreign regulatory environment. It is necessary to make a careful decision on a series of actions. The government plans to closely monitor the market situation in the future and actively respond to the risk of investor damage.