No Ban On Cryptocurrency in South Korea


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.



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