The minister for the office for government policy coordination replied to an online petition opposing the latest in cryptocurrency policy.
According to Hong Nam-ki the policy aims to not just prevent any wrongdoings and opacity in the course of relevant transactions, but also to actively foster blockchain technology.
He added the government is keeping an eye on the global virtualcurrency market and international trends while taking measures to crack down on any illegal activities.
The comments were made in response to a petition on Cheong Wa Dae’s online bulletin board opposing the latest cryptocurrency regulations.
There were more than 280-thousand signatures as of late last month.
Presidential office rules state that the top office must reply to any petition that gathered 200-thousand signatures within 30 days.