Head of Cryptocurrency Regulation Passes on
The head of a team that was meant to oversee Bitcoin regulation has on Tuesday 20th February been found dead at his home in Seoul, South Korea.
A Possible Case of Heart Attack
Mr. Jung Li-joon, who until his death headed the South Korea’s Economic Policy Coordination Office is said to have suffered a heart attack. Although the heart attack is said to have happened on Saturday night, his family learned of his condition the following day when they went to wake him up. The real cause of this mysterious death remains unknown until a coroner’s office report is presented to the police for further investigation.
Just towards the end of 2017, Jung Li-joon was given a new role in leading the planned clampdown that on the virtual currency. Barely a month ago, the government of South Korea brought in several measures that were meant to regulate some of the commonly used virtual currencies like Bitcoin, Ethereum, and Ripple. With the hope of lowering the suspected criminal acts that had allegedly characterized the operations of Bitcoin, the South Korean government opted to implement a crackdown on anonymous trading.
The main work of the late Mr. Jung was to bring together all the opinions from various state offices and ministries, concerning the regulation of the virtual currencies.
Effects on the Value of Bitcoin
In the month of January 2018, a sudden drop in the value of this largest cryptocurrency was felt. This is suspected to have been caused by the effects of regulating the digital coins that had been introduced in certain countries like South Korea. The value of the original digital currency went up to $19,535.70, which translates to 13991.86 Euros. That was on the 17th of December 2017, before it would come down $10,035, about 7,064 Euros on the 30th of January 2018.
Mr. Jung’s Earlier Announcements
In a move that appeared very controversial, the late Jung Li-joon stated that the government of South Korea had plans of closing all the virtual currencies exchanges that the country had. He supported the proposed closing of cryptocurrency exchanges that had been announced earlier by the country’s Justice Minister. He said that it was a measure that was aimed at dealing with the speculation in the whole market. In the lasts months of 2017, the leaders from South Korea said that they would undertake an extended period of consideration over some of the threats that this currency might have had on the market. In their statements, they had described the cryptocurrencies, especially Bitcoin as a threat to national economic stability.
According to the close associates of Mr. Jung, stress is one of the things that might have caused his sudden demise. It can be remembered that South Korea was one of the first countries that had opted to regulate the virtual currency. Ensuring that such an activity worked was definitely a heavy load for Jung Li-join who headed the team. This might have given him too much stress and contributing to his mysterious death.
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