No Digital Currency Trading Ban in South Korea

The Blue House, the executive office and official residence of the South Korean President, has introduced that there will be no digital currency buying and selling ban within the short-term.

Joseph young published in Twitter on January 11:

“In an official statement, South Korean government reaffirms there will be NO trading BAN for #cryptocurrency marketplace within the short term and nothing IS FINALIZED. A petition to fire the head of the Ministry of Justice over the #cryptocurrency trading fiasco filed.”

South Korea

The South Korean authorities’ statement came after a huge backlash and criticism towards the Ministry of Justice, which independently introduced its plans of banning digital currency buying and selling. The Ministry did this without the consent of the Ministry of Strategy and Justice and different authorities agencies involved in the South Korean digital currency law task force.

In step with the Blue House, more than 60000 residents voted in a petition to fire the head of the Ministry of Justice Park Sang-ki, who released a premature announcement, on January 11, that the authorities will enforce a policy to close down digital currency buying and selling. However, after Minister Park launched his statement, the Ministry of Strategy and Finance suggested that it does not assist or agree with the choice of the Ministry of Justice to prohibit digital currency trading. It additionally noted that the Ministry of Strategy and Finance just found out about the announcement of Minister Park via media reviews, and the choice to prohibit digital currency buying and selling was not agreed upon by the task force.

In 2016, former South Korean President Park Geun-hye, who’s presently in jail for money laundering and corruption charges, was impeached by the citizens of the South Korea who strongly voiced out their opposition towards the previous president. Hundreds of thousands of South Korean residents came out to the streets and surrounded the Blue House, until the court decided to ultimately process the impeachment.

Cryptocurrency

All in all then, the voice of the South Korean residents has reinforced and the new authorities, led by the modern President Moon Jae-in, vowed to listen to the people. In consideration of past occasions and the authorities’ statement that digital currency trading ban will not applied in the short-term, it is probably that the South Korean authorities will move towards regulating and fostering the local digital currency marketplace. Formerly, a spokesperson from the South Korean digital currency task force noted that the South Korea would comply with the regulatory roadmap set by main areas like Japan and the United States. Therefore, it is unlikely that even within the long-term, a digital currency buying and selling ban will be imposed.

The spokesperson stated:

“The South Korean authorities has no different choice but to follow the regulatory frameworks and tendencies set up by different leading governments. Even as there actually exists a bad reputation attached to the digital currencies, the authorities’ stance is to permit what needs to be allowed, for the advantage of the South Korean marketplace.”

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