South Korea creates special task force to fight crypto crimes

07 Mar, 2019
by Joeri Cant
South Korea creates special task force to fight crypto crimes

The South Korean Supreme Prosecutors' Office announced that they are proceeding with the creation of a special task force to fight cryptocurrency-related fraud and crimes.

According to Cointelegraph, the Korean Broadcasting System, one of the largest national public broadcasters, published an article, where it stated that the South Korean Supreme Prosecutors' Office, will be establishing a brand new special task force to fight and investigate fraud, illegal money laundering, crimes and other illegal activities within the fields of fintech and cryptocurrency.

Due to the significantly increasing number of fraud cases and crimes related to the cryptocurrency industry, the SPO decided to create this special task force.

The Financial Supervisory Service, had reported that the number fraud cases and counterclaims related to cryptocurrency investments had increased nearly nine times, from 53 in 2016 to 453 in 2017.

The number of similar crimes in 2018 apparentley have increased by 4,591 registered cases.

Read more: Korean exchange Coinbin files for bankruptcy after employee embezzles $26 million

In a related news item, Chepicap recently reported on the fact that the Bank of Korea had issued a report in which they assess that a central bank issued digital currency (CBDC) could undermine the stability of commercial banks in the country.

Kwon Oh-ik, one of the report's authors, had this to say:

'The CBDC is a kind of a BOK-issued bank account. People trust it more than one in a commercial bank... Demand deposits are one of the biggest sources of loans by banks. When people pull out their money, banks raise rates, or lower the reserve ratio, to secure more funds', he said.

Apparently South Korea is considering all possible negative side-effects from cryptocurrency and blockchain in general.

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