S Korea Leader Fears Bitcoin Leads Youth to Drug Dealing, Mexico Ready for Crypto

“There are cases in which young Koreans including students are jumping in to make quick money and virtual currencies are used in illegal activities like drug dealing or multi-level marketing for frauds,” South Korea’s Prime Minister, Lee Nak-yeon, worries. South Korea is a giant within the bitcoin ecosystem even though its government has an uneasy relationship with cryptos. However, regulators as far away as Mexico, and to a lesser degree Kazakhstan, seem to be embracing parts of the decentralized currency revolution.

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South Korea PM and Social Pathology

Prime Minister Lee Nak-yeon of South Korea is decidedly not a fan of his country’s youthful enthusiasm for bitcoin, and gave stark warnings to its perceived dangers. Appealing to the country’s Ministry of Justice for guidance, he implored: “This can lead to serious distortion or social pathological phenomena, if left unaddressed.”

S Korea Leader Fears Bitcoin Leads Youth to Drug Dealing, Mexico Ready for Crypto
Lee Nak-yeon

South Korea is a wired country, and as such is unusually poised for bitcoin and cryptocurrencies. It typically commands as much as 20 percent of crypto trading markets. On Korea’s most popular exchanges, bitcoin has already broken 10,000 USD.

Its government, however, has a typically schizophrenic relationship with bitcoin. It is widely believed to be hands-off, but it did outright ban initial coin offerings recently. The Prime Minister’s remarks appear to imply another hostile action by the state might be on the way.
The trend from far and disparate parts of the globe is for governments to be at least hesitant at the brave new cryptocurrency reality, though Read More Here