After the news last week that cryptocurrency trading could be shut down, a South Korean member of parliament showed evidence of how the government’s announced policy enables market manipulation. Evidence shows that journalists and officials had 40 minutes to buy Bitcoin low as the Korean won surged.
Embargo Enables Market Manipulation
South Korea Bareun Party’s representative Ha Tae-keung held a press conference in the national assembly on Friday to react to the current implementation of the announcements made in the legislation.According to Asia Economy, Ha Tae-keung- keung said that the government is interfering with the digital currency market and causing manipulation of the market.
Korea Joongang Daily highlighted this issue:
“ A councilor on Friday was pissed off at the government for imposing an embargo on Bitcoin regulations on Monday – giving journalists and officials 40 minutes to buy cryptocurrencies”.
Ha Tae-keung as follows: made a statement:
“To the law t told reporters at 9 a.m. last Monday that he would announce the embargo, and at 9:40 p.m. it announced that the embargo was lifted”. learned. However, the Head of Economic Policy Coordination Chung Ki-joon said that his mind on digital currency regulations has changed, saying the government will not shut down cryptocurrency trading at 9:40 a.m. Monday.
The member of parliament said: he said the words:
“The market rallied after the government sent text messages announcing the upcoming announcement to journalists. When the press launched the announcement at 9:40 am, it had already reached a high price point”.
Etoday quoted Ha as saying:
“I analyzed the government’s press release announcing the embargo by time zone and confirmed that market profit had changed significantly 40 minutes before the embargo was lifted”.
According to the table he prepared Bitcoin was trading at 19.07 million won (~$17,864) at 9 am last Monday morning.. At 9:40 am, shortly before the embargo ended, the price of Bitcoin rose to 19.46 million won. By 10 o’clock, the price had already reached 20 million won.
According to Korea’s Joongang Daily, Ha believes that public officials should be kept away from information that could affect people’s wealth until an official announcement.
According to Etoday, Ha later adds;
“The government announcement that will cause great fluctuations in the digital money market should be announced in full.”
“People have damaged their properties because of this embargo operation”.
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