South Korea and China Will Discuss Cryptocurrency Policies

As usual, important events take place in Asia regarding the cryptocurrency market. South Korea will discuss cryptocurrency policies with China’s Central Bank. South Korea authorities have met with the governor of the People’s Bank of China in order to discuss about possible shared cryptocurrency policies. China has imposed strong measures to ICOs and cryptocurrency trading, while South Korea has only decided to ban ICOs.

A Regional Approach Towards Cryptocurrencies

Cryptocurrencies have always been in the news in Asia. The populations of Japan, South Korea and China have been very interested in cryptocurrencies since the very beginning. But these three countries have taken different measures to regulate the market. Japan has been the friendliest country of the three when it’s about regulations.

China has taken the hardest measures of the three, banning cryptocurrency trading and Initial Coin Offerings. The government was even thinking about issuing a national cryptocurrency.

South Korea is in the middle of these two countries. But clearly, the market has been regulated and strict rules apply to cryptocurrency exchanges, enterprises and individuals involved in the market.

These questions can’t be solved by one country. Borders are less effective to control the movement of money or people. If regulations apply in one country, another will be opened to receive these cryptocurrency investors. That’s why China and South Korea are taking a regional approach in the matter.

The South Korean Minister of Strategy and Finance, Kim Dong-yeon met with the governor of the People’s Bank of China, Zhou Xiaochuan. The meeting was held the last Friday and it was organized to discuss cryptocurrency policies.

The South Korean Minister was quoted by Newsis saying:

“The two sides shared their opinions on the situation and policy responses of the two countries regarding the recent virtual currency issues.”

South Korea was involved in the news because of confusing episodes about possible regulations in the market. But the reality is that the country is not thinking about banning cryptocurrency trading or exchanges. Japan, China and South Korea are closely cooperating in order to reduce cryptocurrency speculation and to plan new regional policies.

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