All Bitcoin Trades
Chairman of the Financial Services Commission Choi Jong-gu said, "We are discussing regulation levels including restricting all trades," regarding the virtual currency bitcoin.
Chairman Choi met with the journalists accredited to the Financial Services Commission and stated, "The government regulations are focusing on minimizing the negative effects of bitcoin transactions."
He emphasized, "We do not see bitcoin transactions as financial transactions," and continued, "The financial authorities will not allow it as futures trading either."
He also added, "The reason that the price of virtual currency is increasing is because of the expectation that the next buyer will purchase it at the price I want," and continued, "This can be seen as a financial pyramid scheme."
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