By Lee Min-hyung
The Ministry of National Defense is blocking access to online cryptocurrency trading systems inside military camps.
The ministry said Monday it is also considering various other regulatory measures against digital tokens ― such as bitcoin, the most popular encrypted currency ― as it could harm soldiers' morale.
"We are going to announce specific countermeasures for cryptocurrency transactions made in military units," a ministry official said. "The ministry is in internal talks to confirm whether it is against military regulations."
Starting Monday, the ministry began blocking access to websites about encrypted currency exchanges at internet cafes on military bases here.
In an online notice, the military also said: "We urge soldiers to refrain from visiting digital token exchanges to avoid disappointment from our decision to block access to relevant sites."
The ministry has yet to decide on any other detailed regulatory measures on digital tokens, but will soon take more specific anti-cryptocurrency steps after a thorough inspection, the ministry said.
This is in line with other military regulations that do not allow soldiers to access pornographic or gambling sites, the notification said.
"According to internal rules, we will gradually shut down internet access to websites on encrypted currency starting Monday," it said.
The move comes at a time when the government is considering drastic crackdown on the ongoing bitcoin craze, with a finance ministry official identifying the digital currency as a speculative bubble.
Finance Minister Kim Dong-yeon said Monday the government has the option of closing down digital token exchanges here unless irrational speculation subsides.
"The thing is the scope of reasonable regulation, but there is no global standard on it," he said. "We are coming up with comprehensive regulatory packages, including taxation or real-name-based trading on digital tokens."
Starting late last year, the bitcoin price here has skyrocketed, with one bitcoin trading as high as 25 million won ($23,500) in December.
The volatile nature of the encrypted currency has since boosted its popularity as a speculative investment.
The defense ministry also said it will offer a series of financial education programs for soldiers, as it is hard for them to access financial and banking information inside military camps.
The Ministry of National Defense is blocking access to online cryptocurrency trading systems inside military camps.
The ministry said Monday it is also considering various other regulatory measures against digital tokens ― such as bitcoin, the most popular encrypted currency ― as it could harm soldiers' morale.
"We are going to announce specific countermeasures for cryptocurrency transactions made in military units," a ministry official said. "The ministry is in internal talks to confirm whether it is against military regulations."
Starting Monday, the ministry began blocking access to websites about encrypted currency exchanges at internet cafes on military bases here.
In an online notice, the military also said: "We urge soldiers to refrain from visiting digital token exchanges to avoid disappointment from our decision to block access to relevant sites."
The ministry has yet to decide on any other detailed regulatory measures on digital tokens, but will soon take more specific anti-cryptocurrency steps after a thorough inspection, the ministry said.
This is in line with other military regulations that do not allow soldiers to access pornographic or gambling sites, the notification said.
"According to internal rules, we will gradually shut down internet access to websites on encrypted currency starting Monday," it said.
The move comes at a time when the government is considering drastic crackdown on the ongoing bitcoin craze, with a finance ministry official identifying the digital currency as a speculative bubble.
Finance Minister Kim Dong-yeon said Monday the government has the option of closing down digital token exchanges here unless irrational speculation subsides.
"The thing is the scope of reasonable regulation, but there is no global standard on it," he said. "We are coming up with comprehensive regulatory packages, including taxation or real-name-based trading on digital tokens."
Starting late last year, the bitcoin price here has skyrocketed, with one bitcoin trading as high as 25 million won ($23,500) in December.
The volatile nature of the encrypted currency has since boosted its popularity as a speculative investment.
The defense ministry also said it will offer a series of financial education programs for soldiers, as it is hard for them to access financial and banking information inside military camps.
