The Korea Herald reports today that Rep. Park Yong-jin of the ruling Democratic Party of Korea plans to introduce three revisions in July to build a set of regulatory frameworks for digital currencies, including Bitcoin and Ethereum.

Park pointed to “the void of a state-led protection that guarantees digital currency’s value”, citing the need to address “digital currency’s nonexchangability to other existing currencies” and intriguingly, “the possibility of wrecking havoc on national economy from digital currency bubble burst”, comparing cryptocurrency to 17th European tulip markets.

It is unclear what the future holds for these bills and crytocurrency in South Korea in general. Two weeks ago government agencies and financial regulators concluded that the rise in Bitcoin’s value was based upon pure speculation, and should be viewed with distrust due to lack of regulation.

Of note, today Goldman Sachs predicted bitcoin could fall and then rise to 4,000USD.

Source: Bills move to give bitcoin legal grounds, Korea Herald


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