South Korean Prime Minister Lee Nak-yeon: Bitcoin harms young people and lures them into illegal activities such as drug trafficking

South Korean Prime Minister Lee Nak-Yeon said at a recent cabinet meeting that cryptocurrencies such as Bitcoin could lead young people into illegal activities.

Is Bitcoin a trigger for crime?

Over the past few years, many public figures have publicly warned against Bitcoin and the illegal activities it is involved in. Experts have (falsely) stated that Bitcoin is mainly used by criminals to buy drugs and weapons on the deep web. According to CNBC, South Korean Prime Minister Lee Nak-yeon is the latest celebrity to speak out against Bitcoin. He stated in a cabinet meeting that the digital currency could lead students into illegal activities such as drug dealing.

Young people in South Korea, even students, get involved to make quick money or to obtain virtual currency for illegal activities such as drug trafficking or pyramid schemes.

He warned of potential fraud and Ponzi schemes, illegal activities that often involve digital currencies, and called on government regulators and agencies such as the Ministry of Justice to take steps to further regulate the cryptocurrency market in an effort to protect young people from its destructive influence.

If things are allowed to continue, it will lead to serious social distortions and pathologies.

This is not the first time that South Korean government officials have expressed opposition to cryptocurrencies. In September, the Financial Services Commission (FSC) of South Korea announced a ban on the launch of all ICO projects nationwide. It remains to be seen what measures South Korean regulators will ultimately take to regulate cryptocurrencies.

South Korea’s cryptocurrency market is huge

Currently, South Korean exchange Bithumb is one of the top cryptocurrency exchanges in the world. According to data from Coinmarketcap, South Korea was the market with the largest daily trading volume in the past 24 hours, with a trading volume of more than $2 billion.