South Korea Has No Intention to Ban Cryptocurrency Exchanges.

[LINH PHAN]

South Korea’s finance minister has confirmed the government has no plans to shut down cryptocurrency trading or exchange platforms.

After weeks of confusion and panic among Korean investors, traders and adopters of cryptocurrencies fearing a sweeping government ban akin to China, the country’s finance minister has today stressed that the government has no plans to introduce crippling curbs on the cryptocurrency market. Instead, the government’s immediate focus will delve into regulating cryptocurrency exchanges, according to the official.

In a clear statement reported by Reuters, South Korea’s finance minister Kim Dong-yeon said:

There is no intention to ban or suppress cryptocurrency (market).

Besides bringing respite, the comment also brings clarity to a barrage of contradicting statements from government officials from multiple ministries who have backed or opposed the ban on cryptocurrency exchanges, originally proposed by Korea’s Justice Ministry. The societal backlash against the proposed ban even saw the Executive Office of the President weigh in on the matter, cooling fears of a blanket ban. Korea has notably followed China’s example in introducing bans for the cryptocurrency sector, specifically initial coin offerings (ICOs).

On the same day of proposing it, Korea’s justice ministry was forced to soften its stance on the ban proposal, which was unlikely to succeed from the beginning. The justice ministry found little support from other governmental ministries including the ministry of finance which refused to endorse a ban on cryptocurrency trading and exchanges.

In a public radio interview this month, the chairman of Korea’s economic competition regulator disputed the very notion of a ban, effectively stating it would be illegal for the government to enforce such measures.

Korea’s Fair Trade Commission chairman Kim Sang-Joo stated:

“[Shutting down cryptocurrency exchanges] is not realistically possible. Based on electronic commerce law, the government does not have the authority to close down cryptocurrency trading platforms.”

Featured image from Shutterstock.

LINK: https://www.ccn.com/south-korea-no-intention-ban-cryptocurrency-exchanges-finance-minister/

Great news!

[Ms Emi]

I assume they have the basic idea of the possibilities of crypto currency some of them are just denying but I suspect most of the Korea's population are into bitcoin....

[timet678]

Great news indeed. Glad to see they are handling things responsibility instead of outright banning it. I wonder if the premium will go back up now. It was around 30-40% a few weeks ago wasn't it?

[yaniman]

Finally good news for BTC holders and also for altcoin holders. I hope market cap will rise again. The people who bought BTC when it was $20k , lost too much. This is bad for new investers.

[Jerryphan]

I am happy about this, but I see the bitcoin players slightly higher government should take measures to prevent.

[Prodigan786]

From beginning they have been said they are not having any intention to ban crypto currency exchange they wanted their citizen to use original identity while trading also take crypto exchange into tax accountability . It is really good move for long term vision of crypto currency.

[Devilsa0028]

Some good news on the very first day of my investment.i wish all the rumors gets down and this crypto trading gets legalized.i entered at 9500,hope this doesn't go down any more 

[Cryptoshops]

Not sure they were ever going to ban platforms which use crypto but rather bring them under control in order to stop tax evasion and  money laundering

[audaciousbeing]

South Korea’s finance minister has confirmed the government has no plans to shut down cryptocurrency trading or exchange platforms.

After weeks of confusion and panic among Korean investors, traders and adopters of cryptocurrencies fearing a sweeping government ban akin to China, the country’s finance minister has today stressed that the government has no plans to introduce crippling curbs on the cryptocurrency market. Instead, the government’s immediate focus will delve into regulating cryptocurrency exchanges, according to the official.

In a clear statement reported by Reuters, South Korea’s finance minister Kim Dong-yeon said:

There is no intention to ban or suppress cryptocurrency (market).

Besides bringing respite, the comment also brings clarity to a barrage of contradicting statements from government officials from multiple ministries who have backed or opposed the ban on cryptocurrency exchanges, originally proposed by Korea’s Justice Ministry. The societal backlash against the proposed ban even saw the Executive Office of the President weigh in on the matter, cooling fears of a blanket ban. Korea has notably followed China’s example in introducing bans for the cryptocurrency sector, specifically initial coin offerings (ICOs).

On the same day of proposing it, Korea’s justice ministry was forced to soften its stance on the ban proposal, which was unlikely to succeed from the beginning. The justice ministry found little support from other governmental ministries including the ministry of finance which refused to endorse a ban on cryptocurrency trading and exchanges.

In a public radio interview this month, the chairman of Korea’s economic competition regulator disputed the very notion of a ban, effectively stating it would be illegal for the government to enforce such measures.

Korea’s Fair Trade Commission chairman Kim Sang-Joo stated:

“[Shutting down cryptocurrency exchanges] is not realistically possible. Based on electronic commerce law, the government does not have the authority to close down cryptocurrency trading platforms.”

Featured image from Shutterstock.

LINK: https://www.ccn.com/south-korea-no-intention-ban-cryptocurrency-exchanges-finance-minister/

Great news!

News like this are not generally something to rejoice about because the amount of damage it has caused is not remedied immediately and not everyone who took a decision because of the negative corresponding news will bother to go back to read if there is an update just like this and the deed has been done already. Again, statements like this can be revoked or recanted based on latest happenings but at the same time, its shows some level of hope that there is light at the end of the tunnel because since the beginning of the week, this is one of the good news that have happened in the midst of several news with nothing other than negative impact on price.

[bitfocus]

Right, they are just forcing traders and investors to deal with real and ID verified bank accounts - it's a good step and it means South Korea will legalize Bitcoin soon.