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Sudden Death of South Korea’s Crypto Regulator

Feb 21, 2018 Posted /  7577 Views

Sudden Death of South Korea’s Crypto Regulator

As per wall street journal reports, the head of Economic policy Coordination office of South Korea, Jung Ki-Joon was found dead on Sunday morning when his family member went to wake him up. Reportedly Jung was going through stress which resulted in a Heart Attack on Saturday night. The exact details of death cannot be ascertained until reports disclosed by police officials from Coroners office.

Recently, the head was appointed to lead the cryptocurrency crackdown in the capital of the nation, Seoul. South Korea came up with a declaration about the continuation of Circulation of Virtual tokens in the economy and introduced various regulations regarding the same.

In the guidelines, the country banned the anonymous trading of cryptocurrency with a motive to control criminal activities taking place due to secretive nature of trading.

Mr. Jung was appointed to coordinate with different ministries to set the regulatory framework for digital coins.

Due to regulations introduced by South Korea and confirmation of prohibition of Bitcoins in China resulted in an immense fall in the value of Bitcoins. The most renowned virtual token recorded the lowest market value of $6048.26 USD.

By the ending of last year, the government announced that they are considering various aspects and threats that can come into existence with the circulation of cryptocurrencies.

“The proposed shutdown of exchanges that the justice minister mentioned recently is one of the measures suggested by the justice ministry to curb speculation.” - Jung Ki-Joon

South Korea became the very first nation to decide regulatory framework of virtual tokens.

As per Mr. Jung’s colleagues, stress can be a major factor behind his sudden death.

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Tags: digital coins South Korea Regulator

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