South Korea calls for 23 countries, the EU and the IMF to regulate cryptocurrencies

The South Korean government urged financial regulators in 23 countries and 12 organizations, including the international monetary Fund and the European Union, cooperate to limit trade cryptocurrencies. This was at a meeting of the financial stability Board (SFB) was announced by the Chairman of the financial services Commission South Korea (FSS) Kim Yong-BIM.

SFB is an international body that monitors and makes recommendations regarding the development of the global financial system. Its members are financial regulators and Central banks from 24 countries, including South Korea, as well as 12 international organizations.

Among the represented countries – China, Japan, India, Russia, South Africa, Switzerland, UK and USA. Organizations include the international monetary Fund (IMF), Bank for international settlements (BIS), the world Bank, the European Central Bank (ECB) and the European Commission.

At the meeting of the GRC was discussed regulatory reforms governing the use of cryptocurrency, as well as measures against cybercrime and cybersecurity. Speaking on international cryptocurrency transactions used for illegal activities and money laundering, Kim called for «international coordination to limit the trade of virtual currencies».

«Use cases of crypto-currencies have become more frequent, increasing international financial risks. Financial authorities need to pay close attention to this issue. In particular, the use of digital currency which is beyond the traditional regulation of financial institutions, effect on consumers,» he said.

Kim called on the FSB «to take action» against the uncontrolled spread of cryptocurrency. He also stressed the need for cooperation and the exchange of relevant information, in particular, the effects of regulation of digital currency in each country.

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