South Korea Government Confirms, No Cryptocurrency Trading Ban
There will be no cryptocurrency ban in the short term! The South Korean President, Blue House, and executive office set the record straight, announcing that no plan to ban cryptocurrencies will be implemented in the near future. Threats of cryptocurrency bans (FUD) was created after the Ministry of Justice, independently proclaimed plans to ban cryptocurrency trading.
The Ministry made the announcement without receiving consent from the Ministry of strategy and other government agencies. The head of the Ministry of Justice Park Sang-Ki, released the statement yesterday that a policy will be put into place to shutdown cryptocurrency trading. After Sang-Ki went rogue, more than 60,000 citizens petitioned to have Park Sang-Ki fired. The Ministry of Strategy and Finance only discovered the statement made by Park through the media.
Park may not be the only government official pushed out by the people. In 2016, former South Korean President Park Geun-hye was impeached by the people who disagreed strongly with the former President’s views at the time. Millions of South Korean citizens flooded the streets till the Blue House gave in and processed the impeachment.
In light of the fact that the South Korean government will not be implementing cryptocurrency bans in the near future, it is safe to say that the government will opt towards fostering and further regulating the cryptocurrency market. It is highly unlikely that in the long term South Korea will impose a ban, as a spokesperson from the South Korean cryptocurrency task force stated that the country will follow the precedent set by other major countries such as Japan and the United States.
“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”