South Korea discusses the regulation of the Crypto-currency with the Central Bank of China

The Minister of Finance of South Korea met with the head of the People’s Bank of China to discuss the economic situation, including with the crypto-currencies. While China imposed strict rules on trade in crypto-currencies, including the closure of exchangers, South Korea adopted a less strict approach.

Minister of Justice and Finance Kim Dong-Yon on Friday met with the head of the People’s Bank of China (PBOC) Zhou Xiaochuan. Discussing the economic problems of both countries, the regulators also discussed the current issues of regulating digital currencies.

China imposed a ban on trade in crypto-currencies, including the closure of domestic exchangers. Nevertheless, South Korea has consistently introduced countermeasures for crypto-currency assets since December.

The Korean government has considered various measures, ranging from a total ban proposed by the Ministry of Justice to less stringent measures. At the end of last month, the regulatory authorities ordered the introduction of a new system of accounts for all exchangers with crypto-currencies.

“The two sides exchanged views on the situation and political reactions of the two countries regarding the recent issues of virtual currency,” Kim Dong-Yon said in an interview.

Although the South Korean government has consistently stressed the importance of tough measures to curb the overheated crypto-currency market, it has been possible to avoid the closure of crypto-exchange.

At the meeting of the Planning and Finance Committee of the National Assembly on Wednesday, Kim noted that if the exchangers were closed, there could be a problem of foreign currency leakage, YTN reported.

In his interview, Kim said:

“The government does not intend to eliminate or suppress virtual currencies. Currently, I am discussing urgent issues with the target group in the government, because the virtual exchangers regulated by the law of electronic commerce are the biggest problem. “

Kim’s meeting with the Governor of PBOC followed the announcement of the South Korean government in early January that he would cooperate with China and Japan to solve crypto-currency speculation. In addition, Deputy Chairman of the China Financial Supervisory Commission (FSC), Kim Jong-bum, also called on 23 other countries and 12 organizations, including the International Monetary Fund and the European Union, to cooperate in curtailing trade in crypto-currencies.