Updated: 3 min ago
Uncertainty is mounting for the future of cryptocurrencies in Korea as the chief of the country's top regulator said Wednesday it is reviewing possibly shutting down exchanges.
A 25-year-old woman from a multiracial family recently found out she is ineligible for a government-backed loan for housing, because of her dual citizenship. Born to a Korean father and a foreign mother, she has lived here most of her life. Before leasing a home near her workplace, she considered getting the state-supported loan for non-homeowners and low-income families.
Owners of dogs that fatally attack people will face up to three years of jail. Dangerous dog breeds such as pit bull terriers and Tosas will be banned from entering kindergartens or elementary schools. These are part of government measures to strengthen protection against aggressive dogs, which will be implemented in March.
E-commerce platform Coupang launched a new payment system, OneTouch Payment, Thursday. It allows customers to skip authenticating processes and check out with a single touch on their mobile devices for the first time in the country.
Financial markets hate uncertainty, and this uncertainty invites speculation.
Financial authorities all have a common view as to what is right; therefore, industries and relevant companies do the right thing and avoid external forces that might have different ideas.
Hana Financial Group Chairman Kim Jung-tae still thinks the way he is treated by financial authorities these days is “not fair.”
The government unveiled its plan Wednesday to create a 10 trillion won ($9.4 billion) fund by 2020, in a bid to expand the money supply for startups and create a venture-friendly environment. As part of the three-year plan, a 2.6 trillion won fund will be established this year. The announcement came from a meeting of economy-related ministers at the government complex in Seoul.
Korean Air, SK, Emart, Hanwha and Kia Motors have the best reputations online, according to the South Korean market sentiment index (MSI) after a big data analysis. The worst companies in the index were Hyundai Merchant Marine, Muhak, Doosan, Naver and Lotte Food.
The government is considering a property tax hike on owners of multiple homes in Seoul's affluent areas to stabilize the property market, Finance Minister Kim Dong-yeon said Tuesday.
The Moon Jae-in administration's top policymakers are sending confusing messages about how to curb speculative investment in virtual currencies. The country's finance minister plans to impose a tax on cryptocurrency transactions.
Lawmakers are preparing a bill that requires government officials to report their possible ownership of cryptocurrencies. Rep. Noh Woong-rae of the ruling Democratic Party of Korea (DPK) said he is preparing a bill to include virtual coins worth 5 million won ($4,700) as an asset for public servants to report.
International Monetary Fund Asia and Pacific Director Rhee Chang-yong said Tuesday the Korean economy should restructure amid clear signs of a global recovery. Rhee made the remarks during a New Year seminar held by consulting firm EY Han Young under the theme of “Corporate Strategy in the Superfluid Era” at the Lotte Hotel in Jung-gu, Seoul.
According to Reuters news service, Korea would be one of the eight “jurisdictions” to be removed from the list. The others include Panama, the United Arab Emirates (UAE), Barbados, Grenada, Macao, Mongolia and Tunisia. They were among 17 blacklisted by the EU in December.
The government reaffirmed Monday that it will decide whether to shut down cryptocurrency exchanges after consultations with related ministries and agencies. It warned that investors themselves will have to take full responsibility for losses from their investments in virtual coins. The administration made it clear that it will restrict the overheating cryptocurrency market, although will decide on how to regulate it later.
Cheong Wa Dae announced Monday that the presidential office will discuss with relevant government agencies about setting rules to curb the “bitcoin craze,” including a plan to ban cryptocurrency trading.
The Korea Chamber of Commerce and Industry (KCCI) is gaining more bargaining power, replacing the Federation of Korean Industries (FKI) as the country's most influential umbrella organization of businesses. The KCCI and the Ministry of Strategy and Finance launched an ombudsman program for innovative growth on Monday, which will be a “hotline” between industry and government. For the program, SK Telecom CEO Park Jung-ho and Yonsei University Graduate School of Information professor Cho Kwang-su will serve three years as ombudsman. Senior officials of both the KCCI and the ministry will support the program.
Nearly 35 percent of South Koreans oppose the government's push to regulate cryptocurrency, a poll showed Monday, as the country is scrambling to rein in a frenzy over virtual currency in Asia's fourth-largest economy.
The government is considering many options to regulate cryptocurrencies, including a complete shutdown of all cryptocurrency exchanges. “Virtual currencies are not official currencies,” Jung Ki-joon, a senior official at the Office for Government Policy Coordination told reporters at the Sejong Government Complex on Monday.
The aftershocks continue to weigh on Korea as the world's largest cryptocurrency price index CoinMarketCap decided to remove a group of Korean cryptocurrency exchanges from its price calculations last week. The decision is now raising concerns among investors over the possibility the nation's “bitcoin craze” may have crossed the line and its bubble may burst sooner or later.