“Nothing Yet Finalized”: South Korea On Crypto-Trading Ban- Unkrypted

by Ricky Makan Co-Founder at Unkrypted

South Korea’s crackdown on Bitcoin and crypto-currency Trading has become a charade with reports stating that the authorities are injured with severe infighting on how to proceed with it.

The first act of this charade began in October when South Korea’s finance minister said that it had been reviewing the role of crypto-currencies with a view to introducing countermeasures against a virtual currency. The final stanzas of this first action came with building upsurge in December when the government declared an emergency meeting to examine crypto-currencies followed with the statement of regulations prior to the new year.

The next action, in the middle of a chilly South Korean winter, arrived Thursday(11thJanuary 2017) when South Korea’s justice ministry announced in a media conference that the nation would prohibit crypto-currency trading entirely, due to great concerns regarding digital currencies.

As the next act continued, it turned into a winter of discontent, together with South Korea’s Ministry of Strategy and Finance stating Friday(12th January 2017) that it doesn’t support or agree with the conclusion of the Ministry of Justice to prohibit crypto-currency trading also that it wasn’t even aware of the statement before it came in the media.The statement from the ministry of Justice was downplayed by a spokesman for President Moon Jae-in, who stated the proposal is just one of many and nothing was finalized.

South Korea’s Authorities will decide whether to pursue a bill to close down crypto-currency trades only after sufficient discussions and opinion coordination across branches.

The country in the meantime will start a planned method for crypto-currency accounts and take firm measures on illicit trading, the office stated in an email on Monday(15thJanuary 2017). Additionally, it stated that South Korea will offer support to research and development regarding blockchain technology.

Korean Government has sought steps to suppress crypto-currency speculation because the country emerged as a member of a ground zero for its speculative mania, playing host to a number of the world’s most active exchanges. Bitcoin costs in the nation are persistently greater than those from the U.S. It had been trading at roughly a 37 percent premium on in Seoul.