The South Korean government banned all civil servants to store cryptocurrency and to trade them. Otherwise, they will face disciplinary action.
«The Department of personnel requires that they [government officials] refrained from storage and trade of virtual currencies, even if it is not connected with their work», – stated in the document, excerpts of which results in the publication Maeil Business Newspaper.
If officials are to trade digital currencies for their own benefit, it will be regarded as violation of the rules of civil servants. Especially if they engage in such activities during working hours.
What measures should be taken in such cases, will decide each Agency separately.
The Korean financial services Commission, fair trade Commission and other departments have warned their employees to refrain from investing in virtual currency. The head of the office of the policy coordinator Hong Us (Hong Nam) announced a corresponding order for all officials in January.
Last month, the Korean Commission against corruption has published a «Code of conduct in respect of cryptocurrency» for all government departments and ministries. The document prohibits civil servants to use «information obtained in the course of performance of official duties for participation in trade or investment.»
The financial services Commission also intends to revise its code of conduct for employees.
Recall that in January for consideration by the Korean Parliament tabled a bill under which civil servants have to declare their investments in the cryptocurrency. This step was a response to allegations that some officials engaged in insider trading, having information about plans to regulate cryptocurrency.