In the face of public criticism over the government seeking to regulate virtual currency, Financial Services Commission Chairman Choi Jong-ku said Monday that what needs to be done must be done despite condemnation. 

Choi made the remark during a government briefing in Seoul on the direction of financial reform. 

He said the government's fundamental goal is to prevent losses larger than those that can be suffered by society and individuals. 

He said that the government regulations are not aimed at virtual currency itself or blockchain technology, stressing that the government will promote the development of such technology as much as possible. 

Choi said what the government is trying to control is overheated speculative transactions.