Finance Minister clarifies gov’t stance on cryptocurrency, housing markets

김동연 “가상화폐 거래소 폐쇄도 옵션…조속히 종합대책 마련

The nation’s finance chief clarified the government’s stance on a number of highly contentious economic issues.
In a recent interview,… the minister touched on cryptocurrencies, housing market measures and the minimum wage.
Kim Ji-yeon shares with us his remarks.
Finance Minister Kim Dong-yeon first apologized for the confusion caused by the government’s mixed signals on the nation’s cryptocurrency market,… but stressed that there’s now broad consensus across the ministries that the overheated market needs tighter regulations.
In an interview on Tuesday with local radio station TBS,… Kim said that shutting down local cryptocurrency exchanges is still on the table and related ministries are working together closely on a comprehensive set of measures.
However, he admitted it’s difficult as there’s no globally accepted standard that could serve as a basis.
He also acknowledged a blanket shutdown would cause massive financial losses for the millions of Koreans with money in the exchanges… as well as prompt people to shift their money into overseas exchanges or seek more covert transactions.
Despite these risks, Kim claims highly speculative practices on cryptocurrency exchanges cannot be compared to the stock market… and said regulations are needed to prevent crimes, such as money laundering and market manipulation.

(Korean- )
“The government seems to appear consistent when it comes to regulating the overheated cryptocurrency market. These signals would have a considerable impact in cooling down speculative forces.”

Despite his tough tone,… the minister added that the government is keen to foster blockchain technologies, the backbone that powers cryptocurrencies…. and are regarded as future tech that could play a leading role in helping Korea advance into the ‘Fourth Industrial Revolution.’
On the government’s efforts to curb speculation in the housing market,… Kim said it has been effective despite recent data showing price hikes in certain areas… and added that property tax hikes for owners of multiple houses is a reasonable measure.
The minister also defended the government’s decision to sharply raise the minimum wage this year… in response to criticism that it has caused more harm than good,… particularly to small businesses.
The Moon Jae-in administration hiked Korea’s minimum wage to seven U.S. dollars an hour for 2018, up by 16-point-four percent from last year.
Kim Ji-yeon, Arirang News.

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Finance Minister clarifies gov’t stance on cryptocurrency, housing markets

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