South Korea Will Not Ban Cryptocurrency Trading

February 1, 2018

Minister of Finance and Strategy of South Korea Kim Dong-yeon said that the country's government has no plans to ban cryptocurrency trading, thus dispelling doubts and fears of many investors.

Kim said:

"There is no intention to ban or suppress cryptocurrency."

He added that the government is currently more interested in regulating cryptocurrency exchanges.

Recently, country's officials often spoke about cryptocurrencies, but their words contradict each other. However, some restrictions in South Korea were imposed: since January 30, anonymous cryptocurrency trading in the country is prohibited. It is curious that the next day Korea Customs Service began an investigation into a case of money laundering worth $600 million that happened with the use of cryptocurrency.

News about a possible ban of cryptocurrency exchanges in South Korea had a very negative impact on the cryptocurrency market on the whole. South Korean officials later clarified the situation, saying that the ban is one of the possible options, and the final decision has not yet been taken.

However, it is worth noting that due to certain reasons, a complete ban of cryptocurrency in the country is impossible.

 

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