South Korea has banned civil servants to use cryptocurrency

The South Korean government forbade civil servants to use cryptocurrency, even if their activities in this area are not related to work.

According to the document «Digital currency holdings and information relating to transactions for public officials», the Department strongly recommends recruitment of civil servants to refrain from the possession and trafficking of digital currency, even if it has nothing to do with the nature of their activities.

According to the source, Maeil Business Newspaper, a representative of one of the local departments for work with personnel explained that doing the trading, employees of state institutions «violate the prohibition on reimbursement of obligations law of civil servants», especially if the trade is carried out in working hours.

However, each institution can interpret the prohibition of cryptocurrency and select recovery from its employees for its violation.

The financial services Commission of South Korea (FSC), the trade Commission and other relevant departments have warned their employees about the need to «refrain from investing in digital currency».

Earlier, South Korea has repeatedly «tighten the screws» for users of cryptocurrency. Approved a bill requiring public officials to disclose information about their investment in bitcoin because of the suspicion that some of them were engaged in insider trading using the personal access to future bills in this area and manipulated the market.

In addition, all cryptocurrency exchanges South Korea introduced mandatory identification of users with reference to the registered Bank account. Exchanges not allowed to work with underage nationals and foreigners.

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