South Korea to observe cryptocurrency market following bitcoin price spike

A South Korean pan-governmental meeting has taken place to discuss the nation's cryptocurrency market as bitcoin prices rise, KBS World Radio writes. For the first time in a year, bitcoin has reached the value of ten million won.

The meeting was headed by Minister of the Office for Government Policy Coordination Noh Hyeong-ouk, with officials from the Ministry of Economy and Finance, the Justice Ministry and the Financial Services Commission participating.

South Korean institutions are going to keep a close look on local cryptocurrency exchanges and in case of market overheat, “take action to minimize the ramifications on investors.” Moreover, they’re going to counter potential fraud by co-operating with law enforcement authorities and relevant financial institutions.