Seoul, April 3 – The government will take stern measures, including legal action, against malicious activities aimed at exploiting recent market volatility through the spread of fake news and rumors, a senior finance ministry official said on Friday.
"Spreading unfounded fake news during an extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy," said Moon Ji-sung, deputy minister for international economic affairs, while presiding over a meeting of the task force on illegal foreign exchange transactions.
The official also urged relevant agencies to take strict action, calling for immediate reporting to the task force and filing complaints with the police, according to reports from Yonhap news agency.
On Thursday, Finance Minister Koo Yun-cheol filed a complaint regarding false reports, claiming that the government would force citizens to sell U.S. dollars.
The reports alleged that the government would invoke an emergency economic order amid the prolonged Middle East conflict and require individuals to liquidate their U.S. dollar holdings and transfer the proceeds to the state.
The domestic currency has shown increased volatility since U.S. and Israeli strikes on Iran in late February, which have pushed up global oil prices and fueled concerns over inflation and a potential economic slowdown.
The Ministry of Finance and Economy said that Koo filed charges with the police against those who first circulated the misinformation and others who actively helped spread it online.
Koo said that the government will continue to take firm and decisive action against fake news that disrupts the market.
The local currency has shown heightened volatility in recent sessions in line with developments in the Middle East, which have pushed up global oil prices and fueled concerns over inflation and a potential economic slowdown.
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