South Korean politician quits political party amid issue around cryptocurrency investments
The South Korean central bank has continually stepped up its efforts to control cryptocurrencies in the country. On April 24, authority was granted for the Bank of Korea to investigate crypto-related businesses.
Kim Nam-kuk, a South Korean legislator, has announced his resignation from the Democratic Party due to his suspected cryptocurrency activities while he was enacting legislation on digital assets. The politician declared that he would keep up the effort to demonstrate his innocence on his own.
Kim claims that by leaving the party, the members will be relieved of the weight the dispute has placed on them. He feels that at this vital moment, the problems shouldn't continue to impact the party. Kim made a point of saying that he would still support the political group when he left the party.
South Korean politician quits their political party in wake of a crypto investing scandal
Legislator Kim Nam-kuk of South Korea has declared his resignation from the Democratic Party over his alleged bitcoin dealings while he was passing laws pertaining to digital assets. The lawmaker vowed to continue making an independent case for his innocence. Kim says the members would be freed from the burden the debate has placed on them if they leave the party.
He believes that the issues shouldn't continue to affect the party at this crucial time. Kim made a point of stating that even after leaving the party, he would continue to support the political movement of the party.
The lawmaker said that, in his capacity as an independent legislator, he would keep working to expose the truth. He declared, "I will expose the truth and stand up to unfair political offenses until the end."
Kim declared that the media's reportage on his cryptocurrency operations was inaccurate and vowed to address it.
On May 8, the legislator was charged with selling more than $4 million worth of cryptocurrency assets ahead of the country's implementation of the Financial Action Task Force's "Travel Rule" in March 2023. Authorities continue to look into the politician's alleged transgressions.
The central bank of South Korea has consistently increased its attempts to regulate cryptocurrency in the nation. The Bank of Korea was given the permission to look into crypto-related enterprises on April 24. With this, the bank may ask nearby crypto operators for transaction details.
In other developments, South Korea is doing research to develop a central bank digital currency (CBDC) for offline payments. On May 15, Samsung Electronics and the central bank collaborated to conduct the research on a CBDC's offline capabilities.
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