S. Korea Vows Stern Action Against Market-disruptive Fake News Amid Heightened Volatility

SEOUL, April 3 (Bernama-Yonhap) -- South Korea will take stern measures, including legal means, against malicious activities aimed at taking advantage of recent market volatility through the spread of fake news and rumours, a senior finance ministry official said Friday, Yonhap News Agency reported.

"Spreading unfounded fake news in a time of extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy," Moon Ji-sung, deputy minister for international economic affairs, said 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 police.

On Thursday, Finance Minister Koo Yun-cheol filed a complaint over false reports, claiming the government would force citizens to sell US 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 US dollar holdings and transfer the proceeds to the state.

The domestic currency has shown increased volatility since US and Israeli strikes on Iran in late February, which have pushed up global oil prices and fuelled concerns over inflation and a potential economic slowdown.

-- BERNAMA-YONHAP