South Korean Ministers Respond To The Public Petition: Won’t Ban Cryptocurrency Trading

The South Korean government has issued a fresh set of comments regarding the regulatory course of cryptocurrencies which is trying to “prevent any illegal acts or uncertainties” on 14th of February. Hong Nam-ki, the country’s minister of the office for government policy coordination released a reply to the public statement made last month to cool down the violent public outrage following indications at an outright cryptocurrency ban. The public petition which was posted on the South Korean presidential office site has garnered 200,000 signatures till date making it imperative for the government to respond to the same.

Hong announced that:

“The government’s basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology. But, the government is still divided with many opinions ranging from an outright ban on cryptocurrency trading to bringing the institutions that handle the currency into the system.”

Justice Minister Park Sang-ki had once suggested that laws were being crafted for banning cryptocurrency trading causing the entire cryptocurrency community to attack the South Korean officials with a tremendous backlash. This caused the government to clarify their position as finance minister Kim Dong-yeon issued a public statement on 31st Jan announcing that, “There is no intention to ban or suppress cryptocurrency.”

Also Read: South Korean Finance Mininster Confirms It Will Not Ban Cryptocurrencies

The statement made by the Korean government highlighting “many opinions” available makes it clear that it will take time for the regulators to come ahead with a specific decision. The timing of the statements follow revelations made by another government insider who hinted at a licensing scheme for cryptocurrency exchanges in becoming a reality post the June 2018 elections.

It has also been mentioned by this anonymous state official that the new system shall be modeled in line with New York’s BitLicense. A similar move has also been initiated in Japan since 2017 for bringing about a licensing system to regulate the functioning of cryptocurrency exchanges.

Read Full Details: South Korea May Adopt Cryptocurrencies Exchange Licensing Like New York’s BitLicense

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.