Choe Heung-sik, the head of the Financial Supervisory Service (FSS) announced that there is no need to control operations with digital money because members of the agency don’t think that cryptocurrency can be used as legal tender. They consider digital coins as a mean for sharp practices. Choe claims that cryptocurrency can not be used for payments.
As long as FSS keeps in check all operations with public money, digital currency is beyond the control of South Korean Financial watchdogs. Choe Heung-sik admitted that under the prevailing circumstances the agency has no plan how to control exchange of the cryptocurrency.
It should be noted that shortly before such announcements of the chief of the FSS there was a collapse with South Korean domestic exchange Bithumb. As a result, Bithumb lost billions of won.