Saturday, January 13, 2018

South Korea: no, cryptos exchanges are not banned yet :


 A question has plagued the world of cryptocurrency for several days: would South Korea have already banned bitcoin trading in the country? The answer of the "Blue House" (the South Korean equivalent of the White House) is ... "no".

Cheong Wa Dae responds to ban rumors
South Korea is known for its "tough" crackdown on bitcoin and cryptocurrencies. For example, the South Korean government has already banned digital currencies at the bank level, as well as the trading of Bitcoin futures. Rumors have even been spreading for some days that the country's regulators have banned crypto trading.

That South Korean bitcoiners are reassured, transactions in cryptocurrency are not yet prohibited on the territory, at least for now. In fact, the bill on the subject is still under preparation, and is not yet implemented.

It is the executive office and official residence of the President, Cheong Wa Dae ("Blue House"), who held to end the ban rumors via his press secretary Yoon Yang-chan.

In an official statement relayed by Yonhap news, one can read:

"Remarks by Justice Minister Park Sang-ki regarding the closing of the cryptocurrency exchanges is one of the measures prepared by the Department of Justice, but they are not finalized and will be finalized only through discussions and a process. coordination with each ministry. "

Trading is still allowed
Rumors have grown since the announcement by Justice Minister Park Sang-ki on Thursday, January 11th. The latter claimed that legislation was being prepared to ban cryptos transactions through exchanges. The minister's intervention had the effect of a bomb on the crypto market, affecting the value of Bitcoin, which fell by 14% just after the announcement.

In addition, the "Blue House" has received 1,000 public petitions on its official website in opposition to this initiative of the Ministry of Justice. And this is probably why the office of the President made this official announcement, especially in order to ease the discontent of the population.

As for the bill, it will have to be voted by the majority of the 297 members of the National Assembly before the ban is effective. The good news for many local crypto-investors is that the implementation of these laws could take months or even years. Knowing that the South Korean Ministry of Finance also opposes this ban.

"We do not share the same views as the Ministry of Justice on a possible ban on the exchange of cryptocurrency" MSF

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