South Korean Government Leaves Crypto Trading Ban On Table
South Korean Government Leaves Crypto Trading Ban On Table
World governments imposing different regulations on cryptocurrencies
16 January, 2018, 10:50
Last week Justice Minister of South Korea, Park Sang-ki said that the Korean government was preparing to finalize a bill to ban the trading through cryptocurrency exchanges.
"A governmentwide decision will be made in the future after sufficient consultation and coordination of opinions", the office said, as quoted by local news agency Yonhap News. A survey by Bithumb, South Korea's largest cryptocurrency exchange, back in November showed that 60% of its investors were in the age group of 30 years or younger.
As per the South Korean news agency Yonhap, revealed that, "The proposed ban of crypto exchanges which the Korean justice minister now mentioned is one of the measures assigned by the justice minister to limit speculation". World governments are taking different approaches because there are still so many uncertainties as the new blockchain technologies that are the backbone of cryptocurrencies make it hard to predict the future.
This clarification on the government's stance follows comments last Thursday from South Korean Finance Minister Kim Dong-yeon, who said that the issue from relevant government departments.
"The issue of banning exchanges that the justice minister talked about yesterday is a proposal by the Justice Ministry and it needs more coordination among ministries", Kim added.
South Korea's government announced that it may still go on to ban the trading of cryptocurrencies on exchanges, following apparently conflicting reports on the matter days earlier.
Major cryptocurrencies including bitcoin and ethereum are priced significantly higher in South Korea's exchanges compared to the rest of the world. Coinmarketcap, one of the most renowned cryptocurrency indices, has removed a group of Korean exchanges from its data set because of the difference.
The on-going debacle keeps the prices under pressure; the Bitcoin and other similar digital currency are also divulging on the fact that one of the biggest countries that creates a big ripple in the crypto trading industry is going to shut its doors down. Currently, the price of the digital currency has been way below $20,000 and is hovering somewhere around the $14,000 and is idly going over and under that figure.
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