Kim Dong-yeon, South Korea’s Finance Minister, has confirmed that the government will not be banning or suppressing cryptocurrency in the country.
Previous comments caused an outrage, when a potential outright ban was mentioned. Kim distanced Seoul from those comments in the latest update.
After Kim and Justice Minister Park Sang-ki mentioned a cryptocurrency ban being “in the works” earlier this month, a public petition to remove both ministers was filed. The petition gathered over 200,000 signatures, meaning that government must respond to it.
Kim explained that the regulatory steps are now a priority for lawmakers, as reports about an alleged illegal cryptocurrency trading surface.
“[The] Customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force,” was said in the statement.