South Korea's Debt Relief Fund Faces Scrutiny Over Cryptocurrency Traders

According to Foresight News, the South Korean government has provided over $15 million in debt relief to 269 individual cryptocurrency traders from a fund intended to assist small businesses. Following an audit by the Board of Audit and Inspection, the Financial Services Commission has pledged to overhaul the selection process. The audit results have sparked controversy in South Korea, with regulators acknowledging that only legal reforms can prevent cryptocurrency holders from receiving further debt relief in the future. The fund was originally aimed at offering debt relief to businesses affected by the COVID-19 pandemic, with a goal of reducing the debt of struggling small business owners by at least 60%. However, the audit revealed that many recipients had concealed assets and income sources, such as cryptocurrency, while still benefiting from the fund.