South Korean lawmaker leaves political party amid crypto investment controversy
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South Korean lawmaker Kim Nam-kuk has announced his departure from the Democratic Party over his alleged crypto dealings while legislating on digital assets. The politician said that he would continue his fight to prove his innocence independently.
South Korea’s central bank has been constantly ramping up its efforts to oversee crypto in the country. On April 24, the Bank of Korea was allowed to investigate crypto-related businesses. With this, the bank can request transaction data from local crypto operators.
In other news, research for a central bank digital currency (CBDC) for offline payments is underway in South Korea. On May 15, Samsung Electronics partnered with the central bank to perform research on the offline capabilities of a CBDC.
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