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HomeAltcoin NewsSouth Korean Deputy PM Make Crypto ‘Overheating’ Claim as Alt Interest Rises

South Korean Deputy PM Make Crypto ‘Overheating’ Claim as Alt Interest Rises

In a potentially ominous sign for the South Korean crypto community, the nation’s deputy prime minister Hong Nam-ki has called the crypto market “overheated.”

Politicians speaking out in disapproval of crypto is not uncommon in many regions, but readers with good memories may recall that the last time Hong used this sort of vocabulary to speak about bitcoin (BTC) and altcoins was back in 2017 – after which the government followed up with strict new regulations, including a ban on initial coin offerings (ICOs).

Per Yonhap, Hong has not explicitly hinted that any new crypto legislation would be forthcoming as of yet, but claimed that “virtual assets and the cryptoasset sectors are overheating compared to their actual value.”

He opined that “overheating” “can be problematic,” adding,

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