South Korea Cryptocurrency Exchanges Ban Is Uncertain


South Korean Officials have the entire crypto world waiting on their decision in regards to the digital currency market. However, as of now, South Korea Cryptocurrency Exchanges Ban is uncertain. The authorities will make the decision during the formal meeting.

18 January, AtoZForex Reportedly, South Korea will make a very serious decision this Thursday. Country officials have vowed to make up their mind over the cryptocurrency exchange regulation. The head of South Korea’s regulatory body, Financial Services Commission, Choi Jong-ku, has stated that the regulation might be established according to two different scenarios.

South Korea Cryptocurrency Exchanges Ban Is Uncertain

Specifically, Mr. Jong-ku has stated:

“(The government) is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law.”

These remarks signal that South Korean government is looking towards clearing out the recent confusion in regards to the cryptocurrency regulation in South Korea.

Previously, we reported that South Korea has planned to ban all cryptocurrency trading across the country. The news was based on the statement by Park Sang-ki, the Minister of Justice in South Korea. Yet, later on, South Korea officials stated that the Ministry of Justice did not involve the Ministry of Strategy and Justice along with other government bodies into the decision making process.

Following Minister Park’s announcement, the Ministry of Strategy and Finance has made it clear that it does not support the decision to ban cryptocurrency trading. In fact, officials also stated that Ministry of Strategy and Finance only found out about Minister Park’s announcement via media reports.

South Korea Central Bank to Issue its own coin?

The latest news outline the report, where Hong Nam-ki, minister of the office for government policy co-ordination, stated that government officials still hold different opinions in regards to the issue. The minister stated that the decision in regards to the cryptocurrency exchange regulation in South Korea will be made during the official meeting.

In the meantime, Ju-yeol, governor of Bank of Korea, has stated that cryptocurrency so far is not a legal currency in the country. Yet, he noted that the central bank has been involved in a research regarding a central bank-issued cryptocurrency. His statement reads:

"We have started looking at virtual currency from a long-term standpoint, as central banks could start issuing digital currencies in the future. This sort of research has begun at the Bank of International Settlements and we are part of that research.”

South Korea Petition against Cryptocurrency regulation

On January 16, a South Korean petition against a regulation of cryptocurrency has reached a required amount of signatures to compel a response from the authorities. The online petition calls for the reconsideration of the government stance on cryptocurrency regulation.

As of January 16, 2018, the online petition has gathered more than 212,700 signatures. As per the information on the presidential office’s website, the minimum required for a government response if 200,000. Therefore, the public expects the authorities to react to the requests in the petition in the period of the next 30 days.

The South Korea cryptocurrency regulation reconsideration petition asks the government to renounce the suggested trading regulations. Yet, the petition still back some of the South Korean cryptocurrency regulations, such as the prohibition of anonymous trading accounts.

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