Conflicting Reports Today, January 11, have caused confusion According to Reuters, the South Korean authorities are working on documentation that will make illegal trading of virtual currencies on local trade

The Minister of Justice of the country, Park Sang-ki This decision comes at further discussions and agreements between government departments, including its Ministry of Finance and financial regulators.

Reuters reports that Sang-ki announced the ban at a press conference:

"There are great concerns about virtual currencies and the Ministry of Justice is basically preparing a bill to ban trade in cryptocurrency through trade. "

How Joseph Young, South Korean collaborator of Cointelegraph, reported on his personal Twitter, citing local sources, that the South Korean Ministry of Strategy and Finance was not agree with the Ministry of Justice to ban trade in cryptocurrencies. Young reports that a final decision has not yet been made.

South Korean Ministry of Strategy and Finance (MSF) "We do not share the same views as the Department of Justice. potential #cryptocurrency exchange. " MSF is upset MoJ has issued an untimely statement. Massive Confusion.https: //t.co/anbsOJz1KX – Joseph Young (@iamjosephyoung) 11 января 2018 г.

As reported on December 25, South Korea set up a task force to create legislation for the rapidly growing crypto market in the country. Unlike an outright ban, the agency plans to regulate cryptocurrency trading as legitimate providers of financial services and prohibit foreigners and subordinate investors from trading in South Korean markets .

The popularity of the cryptocurrency trade in South Korea meant that the price of virtual currencies was trading much more than trade in different countries.

Nevertheless, the minister's remarks led to a massive sale of cryptocurrency. The Bitcoin price (BTC) in South Korea fell 21% to $ 17,064. This lower BTC price in South Korea is still much higher than the average Bitcoin price on CoinMarketCap ($ 13,501 at the time of publication), which excludes South Korean trade, due to crypto price divergence -monnaies.

At the end of December 2017, South Korea represents up to one-fifth of world trade in cryptocurrency

"Raids & # 39; on the embellished exchanges

Reuters also reported on January 11 that the largest cryptocurrency trading operators "A raid" of the police and tax authorities on allegations of escape This week

According to Reuters, an official of the popular South Korean Coinone Stock Exchange said the authorities were negatively considering the traders:

"The local police also investigating our business since last year, they think we are playing games. "

Once again, correspondents in South Korea have said that the reports of a "raid" was not accurate and had been embellished by the traditional media.

The South Korean correspondent of Cointelegraph this time retweeted Ran Neuner, the host of Cryptotrader CNBC, confirming that Tense "raids" on the exchanges were in fact only routine visits by the tax authorities. Young notes that the local media calls the "raid" an "unexpected friendly visit":

False Reuters News claiming that South Korean exchanges #cryptocurrency and #Bitcoin were raided by the police. While local reporters and other media reports that it was an unexpected friendly visit. Raid means something completely different @Reuters https://t.co/0c9NOApSKY – Joseph Young (@iamjosephyoung) 11 января 2018 г.

Another South Korean-based negotiator noted on Twitter that the situation was the result of confusion on the part of the authorities and the exchanges themselves, who would be willing to comply if the Applicable legislation is put in place:

"There is a lot of confusion on all sides, gov."

January 7, local South Korean media reported that the country's authorities were planning to probe six major banks for allegations of money-laundering related to cryptocurrency trading.