BOK-FSC conflict intensifies over control of settlement payment system
By Anna J. Park
A conflict appears to be intensifying between the central bank and financial watchdog over control of the country's settlement payment system after the Bank of Korea (BOK) denounced a proposed revision to the nation's "Electronic Transactions Act" as being the only "Big Brother law" in the world.
In a statement issued Wednesday, the BOK strongly condemned the revisions to the e-commerce transactions act proposed by the ruling party's three-term lawmaker Youn Kwan-suk, which curtails the central bank's role in the national payment settlement system.
"The revised bill is obviously a Big Brother law. If the revision is passed, the FSC will be able to collect information on every transaction made at big tech companies, such as Naver, through the Korea Financial Telecommunications & Clearings Institute (KFTC)," the BOK said.