[2018-03-06] Korean Govt Officials De Facto Banned from Holding and Trading Cryp

[ivanpoldark]

The South Korean government has reportedly de facto banned all government officials from holding and trading cryptocurrencies. Even if their crypto activities are not related to their jobs, public officials can still be subject to disciplinary actions.

Public Officials De Facto Banned from Crypto

South Korea has reportedly “issued a ban on virtual currency holdings and transactions to all government officials,” Maeil Business Newspaper reported.

According to the document entitled “Virtual currency holdings and transaction-related information for civil servants,” the publication elaborated:

The personnel department requested that they [civil servants] refrain from holding and trading virtual currency even if there is no job relevance…This is the first time the government has formulated a virtual currency ban for all public officials.

Read more: https://news.bitcoin.com/korean-government-officials-banned-holding-trading-crypto/

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[jjacob]

This is very strange. Usually, only employees of financial institutions and regulators have restrictions on trading, primarily because they come into contact with inside information, during the course of their job. This goes beyond restrictions on trading and seems to be an outright ban. When cryptocurrencies are not regulated and there is no possibility of insider trading, why should all government officials be prevented from benefiting from this asset class?