The government is set to take strong actions, including legal measures, against malicious activities capitalizing on recent market fluctuations through the dissemination of false information and rumors, as stated by a senior finance ministry official on Friday. Moon Ji-sung, deputy minister for international economic affairs, emphasized the severity of spreading baseless fake news during a crisis, highlighting its potential to heighten market unease and erode policy trust. He directed relevant agencies to act rigorously, emphasizing prompt reporting to the task force and lodging complaints with the police, according to Yonhap news agency.
Finance Minister Koo Yun-cheol lodged a complaint on Thursday regarding inaccurate claims suggesting that the government would compel citizens to sell their U.S. dollar holdings. These reports implied that an emergency economic order would be enforced due to the prolonged Middle East conflict, mandating individuals to liquidate their U.S. dollar assets and transfer the funds to the government. The local currency has experienced increased volatility following U.S. and Israeli actions against Iran in late February, leading to surges in global oil prices and raising concerns about inflation and potential economic deceleration.
The Ministry of Finance and Economy disclosed that Koo has pressed charges with the police against the initial disseminators of the misinformation and others actively involved in its online propagation. Koo affirmed the government’s commitment to resolute and decisive measures against fake news disrupting the market. Recent trading sessions have witnessed escalated currency volatility in correlation with Middle East developments, which have driven up global oil prices and sparked worries about inflation and a probable economic downturn.
