South Korea Has No Intention to Ban Digital Currency Exchanges

South Korea’s finance minister has confirmed the authorities has no plans to close down digital currency buying and selling or exchange platforms. After weeks of misunderstanding and panic amongst South Korean traders, investors and adopters of digital currencies fearing a sweeping authorities ban comparable to China, the South Korea’s finance minister has noted that the authorities has no plans to introduce crippling curbs at the digital currency marketplace. Rather, the authorities’ instant attention will delve into regulating digital currency exchanges, in line with the official.

South Korea’s finance minister Kim Dong-yeon cited:

“There’s no aim to ban or suppress digital currency marketplace.”

South Korea

Except bringing respite, the remark additionally brings readability to a barrage of contradicting statements from authorities officials from more than one ministries who’ve subsidized or opposed the ban on digital currency exchanges, initially proposed by South Korea’s Justice Ministry. The societal backlash towards the proposed ban even noticed the executive office of the President weigh in on the problem, cooling fears of a blanket ban. South Korea has considerably followed China’s instance in introducing bans for the digital currency area, especially initial coin offerings.

At the same day of offering it, South Korea’s justice ministry was forced to melt its stance at the ban suggestion, which was not likely to be successful from the start. The justice ministry mentioned little assist from different governmental ministries such as the ministry of finance, which refused to recommend a ban on digital currency buying and selling and exchanges.

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In a public radio interview this month, the chairperson of South Korea’s financial competition regulator disputed the very belief of a ban, successfully mentioning it’d be illegal for the authorities to implement such measures.

South Korea’s Fair Trade Commission chairperson, Kim Sang-Joo, said:

“Shutting down digital currency exchanges isn’t realistically possible. Based totally on digital trade regulation, the authorities does not have the authority to shut down digital currency buying and selling platforms.”

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