South Korean Signature slashes the talk of crypto-exchange bans.
Feb 15, 2018 Posted / 2650 Views
Since the beginning of January, South Korea was in news for all the wrong reasons for the cryptocurrency enthusiasts. But now the Korean nation have come forward and gave strong signals that it will allow cryptocurrency exchanges to keep operating in the country and the crypto-lovers are full of thankful messages.
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According to reports by Bloomberg, the countrymen are welcoming the country’s move of adopting a positive stance on the virtual currencies. South Korea digital currency investors were angered when the rumours started floating that there would be an outright ban on the exchanges, as the ministry of justice also fuelled an opinion in the matter.
The policy makers stated that they are majorly focusing on making cryptocurrencies more fair and transparent rather than banning them from the country altogether. Hong Nam-ki, minister of the Office for Government Policy Coordination, remarked in a video which was posted on the presidential website that it would focus on preparing a better regulation. This can be counted as the first coordinated response from the government to the public uproar over a justice ministry proposal in December to shut virtual-asset exchanges in the Republic of Korea.
The proposal by South Korea to implement an outright ban on the exchanges had also gained furious afterthoughts from the cryptocurrency space across the world. There were concerns all over and as a result the virtual currencies market had plummeted sharply. It is noteworthy that regulators in almost all nations have felt a fear from the digital currencies market and likewise grappling the space to downward its success and completely abolish the system. China has taken a lead in the matter as the country had banned the exchanges and there was a licensing system introduced in Japan. However, the fresh indications from South Korea states that the country is settled for affirmative moves and fabricating policies to work alongside the crypto-space.
Hong has cleared his stance about the government’s position on the matter as more than 200,000 had signed a petition to the Blue House website denouncing the proposal given by ministry of Justice. The petitions were directly addressed to President Moon Jae-in as the South Korean system works on similar lines with US where petitions thus gathered if reaches a defined signatures limit can demand answers from the Blue house.
Hong further appended that policy makers will continue to scrutinize the international discussions and debates on cryptocurrencies and analyse its viewpoint on the matter. It said exchange ban is still a possibility, however, it is not in the radar of the government. Korea, which also prevents digital currency trading by minors, foreigners and financial institutions, is preparing for cryptocurrency taxation and will soon beef up the safety measures for the digital assets. Hong exclaimed all the details to the media while also mentioning the recent heist of the cryptocurrency exchange in Japan.
Interestingly, South Korea had been the hub for cryptocurrency as the demand for the virtual currencies was on spike lately. It was so increasingly high that at one point in January prices were lifted 50 percent higher on local ROK exchanges than those in US.
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