Consumer protection measures are inadequate
Cryptocurrencies such as Bitcoin, which are considered’digital gold’, are at the ultimate in alternative investment. Cryptocurrency investment, which was regarded as’speculation’, rapidly emerged as an alternative investment asset as institutional investors joined after the novel coronavirus infection (Corona 19). However, there are no means to protect consumers due to market manipulation or illegal transactions, and some countries that consider their possessions as’illegal’ should pay attention to investment.
According to the cryptocurrency exchange Upbit, it is recording 66.8 million won at 9 am on the 22nd. Compared to 10374,000 won on February 29, 2020, before Corona 19, it has soared to about 6.4 times in a year. Recently, the cryptocurrency exchange’s daily trading value reached 18 trillion won, surpassing the 15 trillion won in the securities market, establishing itself as a popular investment asset.
On the 14th, it once recorded 71 million won, a record high. This is different from the situation in which the US Treasury Bond interest rate has recently risen and the stock market has entered a’correction period’.
Although the evaluation of cryptocurrency investment is still divided into extremes, institutional investors are proving their value by incorporating cryptocurrencies such as bitcoin into their investment portfolio. Morgan Stanley allowed the incorporation of bitcoin funds into customer assets, and Blackrock added bitcoins to investment-eligible assets.
Canada approved the world’s first Bitcoin Listed Index Fund (ETF). The observation that Apple Pay, a leading information technology (IT) company, will also jump into the cryptocurrency market as Apple Pay allows bitcoin payments is also coming out.
Cryptocurrency does not exist in real life and has a short history, making it difficult to grasp its value. There are also no measures to protect consumers against unfair trade practices, such as excessive commissioning.
Although the’anonymity’ of cryptocurrency is cited as an advantage, the National Tax Service recently collected and analyzed the status of cryptocurrency holdings of delinquents from various exchanges and forced to collect hidden assets. India is pushing for legislation to make cryptocurrency trading as well as possession illegal. In terms of internationality, the situation is also cracking.
Reporter Min Jung-hye [email protected]