South Korea's Top Cryptocurrency Official Found Dead
20 Fevereiro 2018 - 5:35PM
ADVFN Cripto NewsWire
February 20, 2018 -- ADVFN Crypto NewsWire -- Jung Ki-joon, who
headed Seoul’s recent regulatory clampdown on cryptocurrencies, was
found dead at his home on Sunday. According to a report from South
Korean news agency Yonhap, police said that it appeared that Jung
had suffered a heart attack while sleeping, but that an
investigation had been opened and that a final determination of
cause of death will come from the coroner's office. The Yonhap news
agency said that Jung's colleagues, upon hearing of his death,
noted that he had been under heavy stress in recent months and
raised the possibility that he died from stress related to his
crypto-regulatory duties. Jung Ki-joon was 52-year-old.
Jung was the head the Office for Government Policy Coordination.
He was the face of South Korea's impending regulatory crackdown on
cryptocurrency trading following a manic rally in 2017. In January
he stated that bitcoin and other cryptocurrencies “are not legal
currency” and that the South Korean government would “strongly
respond to excessive cryptocurrency speculation and illegal
activity.”
High demand often causes cryptocurrencies to trade at higher
prices on South Korean exchanges than at other major global
exchanges. Bitcoin often surges 40% higher in South Korea than in
other countries, a phenomenon is known as the “kimchi premium.”
South Korea accounts for 20% of the world’s cryptocurrency
trading activity. The South Korean won is the fourth most widely
used fiat currency in bitcoin trading after the U.S. dollar, the
Japanese yen, and the euro. Regulatory and other developments out
of South Korea often move cryptocurrency markets around the world.
Cryptocurrency investor enthusiasm in South Korea was one of the
reasons prices soared so high worldwide in 2017.
Before his death, Jung had coordinated legislation aimed at
tamping down on cryptocurrency speculation and identifying and
prosecuting cryptocurrency scams. New regulations only allow
cryptocurrency purchases from established-name bank accounts that
meet KYC AML (know your customer, anti-money laundering) oversight
requirements.
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