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South Korean government says, "No Cryptocurrency Trading Ban"

Jan 12, 2018 Posted /  6380 Views

South Korean government says, "No Cryptocurrency Trading Ban"

The Blue House, the executive office and official residence of the South Korean President, has declared in an official announcement that there will be no cryptocurrency trading ban in the brief-term.

The FUD crisis deepening

The South Korean government’s official statement came subsequent to an enormous backlash and critique corresponding to the Ministry of Justice, which without any consultation announced on its own that it intends the banning of cryptocurrency trading. The Ministry made the statement independently without even appending the announcement with the Ministry of Strategy and Justice and other government organizations committed in the South Korean cryptocurrency regulation task force.

As per the Blue House, over 60,000 citizens proposed in a petition to dismiss the chief of the Ministry of Justice Park Sang-ki, who released a premature statement earlier today, on January 11, that the government will implement a policy to shut down cryptocurrency trading.

Virtually shortly after Minister Park cleared his statement, the Ministry of Strategy and Finance reiterated that it does not support or recognize with the choice of the Ministry of Justice to ban cryptocurrency trading. It further reckoned that the Ministry of Strategy and Finance barely obtained the statement of Minister Park with the help of media reports, and the verdict to ban cryptocurrency trading was not accepted upon by the task force.

In 2016, previous South Korean President Park Geun-hye, who is at present facing imprisonment in the money laundering and corruption charges, was impeached by the populace of the country who sturdily vocalized about their opposition corresponding the former president. Millions of South Korean citizens came out to the streets of the country and encircled the Blue House until the court resolved to finally process the impeachment.

Due to this turn of events in the past, the voice of the South Korean citizens has established in the important matters pertaining to the country and the new government is driven by the current President Moon Jae-in, pledged to welcome the populace's perspectives in the matters.

After facing a severe criticism and maintaining a consideration of past events and the government’s proclaimed that cryptocurrency trading ban will not be achieved in the short-term, and it is more likely that the South Korean government will shift towards coordinating and encouraging the local cryptocurrency market.

Not even in the long term sights

Beforehand, a spokesperson from the South Korean cryptocurrency task force affirmed that the country will comprehend the regulatory roadmap set by major economically developed nations like Japan and the US. Therefore, it is extremely unlikely that even in the long-term the country may presume about imposing a cryptocurrency trading ban. The spokesperson of the government asserted that-

“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”

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Tags: South Korean cryptocurrency Cryptocurrency trading

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