An outline of government regulations to ease the frenzy over virtual currency is expected to come out as early as this week.
 
A joint government task force will convene a meeting chaired by head of the Justice Ministry’s Legal Affairs Office, Lee Yong-goo, on Friday to discuss strong regulations for Bitcoin and other types of virtual money.
 
Participants are expected to discuss revisions to the Electronic Financial Transaction Act and to a law that regulates the act of financing random people without permits or registration.
 
Meanwhile, the Financial Services Commission seeks to revise the law to regulate virtual money transactions and related businesses.
 
Among the government’s objectives are consumer protection, prevention of money laundering and banning multilevel marketing.
 
The task force is also said to be considering a set of measures to fully ban virtual money transactions based on cases seen in other countries.