Prior on Tuesday, the South Korean government called for a crisis meeting over the danger of losing investors with a rise in the cost of bitcoin. The minister for the Office for Government Policy Coordination, Noh Hyeong-ouk reported for the meeting for in an administration articulation. The departments involved were the Ministry of Economy and Finance, the Ministry of Justice and the country’s top budgetary guard dog, the Financial Supervisory Commission.

He says that the virtual currencies are not legitimate currencies and do not have a guaranteed value. Therefore, the value keeps changing subject to illicit activities, abstract demands, and national & foreign regulatory changes. He further adds that the Korean government will supervise the market situation and act for the resurrection of the investor’s loss.

Crypto market prices will be strictly under control in case of any illegal activities. He requested for the alteration of the Specific Financial Information Act to diminish the risk of money laundering. The bill is now under the surveillance of the South Korean National Assembly.