South Korea's central bank calls for crypto circuit breakers

The Bank of Korea has called for the introduction of circuit breakers in the virtual asset industry to prevent large-scale erroneous payments, citing the recent Bithumb incident as an example, Newsis reported. The central bank argued for the need for an IT system that can automatically verify the consistency between an exchange's internal ledgers and its on-chain balance in real-time. Such a system would also be designed to preemptively block mistaken payments caused by human error. Furthermore, the Bank of Korea suggested that the industry should consider implementing systemic safeguards similar to those used by the Korea Exchange, which can halt trading in response to abnormal orders or sudden, drastic price movements.