South Korean legislator Kim Nam-kuk has resigned from the Democratic Party following allegations of involvement in cryptocurrency activities while participating in the enactment of the country’s digital assets legislation.
Kim declared his intention to prove his innocence and noted that his resignation would relieve party members of the burden caused by the controversy. He emphasized that the ongoing issues should not adversely affect the party during this critical period. Although he is leaving the party, Kim affirmed that he would continue to support the political group.
Kim vowed to continue working to reveal the truth even as an independent legislator. He pledged to expose any political wrongdoing and stand up to unjust political offenses until the end. Kim also refuted the media’s reporting on his alleged involvement in cryptocurrency activities, vowing to address it.
On May 8, 2023, Kim was charged with selling over $4 million worth of cryptocurrency assets before the country implemented the Financial Action Task Force’s “Travel Rule” in March 2023. The authorities are currently investigating the allegations against the politician.
In parallel, South Korea’s central bank has been actively intensifying its efforts to regulate the cryptocurrency industry within the country. On April 24, 2023, the Bank of Korea received permission to investigate crypto-related businesses, enabling them to request transaction details from nearby crypto operators.
Additionally, the South Korean apex bank is conducting research on the development of a central bank digital currency (CBDC) for offline payments. On May 15, 2023, Samsung Electronics announced its collaboration with the Bank of Korea to explore the offline capabilities of the bank’s CBDC.
The joint effort between Samsung and the Bank of Korea aims to mitigate security risks associated with offline payments made through Samsung’s smartphones and smartwatches. Their objective is to ensure that payment transactions remain viable even in scenarios where internet connectivity is unavailable, such as during disasters or other connectivity disruptions.
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