The Justice Ministry has proposed the enactment of a special law to shut down cryptocurrency exchanges.
 
Minister of the Office for Government Policy Coordination Hong Nam-ki said the proposal was made during a vice minister-level meeting on ways to tackle the frenzy over bitcoin and other digital currencies.
 
In a news briefing Thursday, Hong said the government had repeatedly warned that cryptocurrency is not a legal currency and that people could suffer significant losses from sharp price fluctuations.
 
He said that despite the warnings, domestic prices of digital currency are higher than overseas and risky transactions are taking place.
 
During the meeting, the government also decided to pursue the implementation of a real-name system for cryptocurrency transactions.
 
The government plans to go over response measures, leaving open all possibilities, including shutting down digital currency exchanges.