Korea's Prime Minister Is Worried Bitcoin Is Corrupting Kids

Bitcoin: What’s Coming in the Year Ahead

South Korea’s prime minister has hit out against digital currencies, saying they could lead teenagers to get involved in pyramid schemes and drug crimes.

Young peoples’ embrace of cryptocurrencies was discussed at a meeting of the country’s cabinet on Tuesday, according to an online statement. Prime Minister Lee Nak-yon said students were jumping into the “raging” market to make a quick buck, leading some to get embroiled in fraudulent crime.

“If we let things continue, I feel some serious pathological phenomenons could occur,” he said, adding that volumes on South Korea’s cryptocurrency exchanges had surpassed that of the small-cap Kosdaq index, which currently has a market value of 275 trillion won ($252 billion).

South Korea is home to Bithumb, one of the world’s most heavily trafficked bitcoin exchanges.

    Before it's here, it's on the Bloomberg Terminal.
    LEARN MORE