South Korea announces that there will be no Cryptocurrency Exchange Ban

SEOUL – After much debate among the officials of the South Korean government, they finally announced the steps they would take regarding cryptocurrency and their respective exchanges, noting most of these steps were not yet finalized. The government said it will push the virtual currency real name system without any hitches and respond strongly to excessive virtual currency speculation and illegal activities. The closing of the virtual currency exchange is scheduled to be decided after consultation with the government.

The South Korean government made it clear that the ban was for “illegal” exchanges, that is, exchanges doing illegal activities.  The commissioner of the Office of Economic Coordination, Chung Gi-jun, held a briefing at the Seoul government office on the same day, saying, “Recently, the Minister of Justice said that the closing measures of the exchanges are one of the speculative measures proposed by the Ministry of Justice in the special measures on December 28 last year.”

They said they would pursue the virtual currency realignment system announced in the special measures of December 28 and 28 without any hitches,” and “will strictly deal with the illegal acts related to transactions such as price manipulation, money laundering and tax evasion through the joint investigation of prosecutors, police and financial authorities.” said. Chung said, “We have been discussing and responding to the virtual currency through the Vice Ministerial Meeting of related departments.

We will continue to coordinate the position of the ministry with respect to the virtual currency.””Virtual currencies are not legal currency and nobody guarantees any value,” he said. “Because of illegal acts, speculative demand, and changes in domestic and foreign regulatory environment, I have to be careful. ” Chung said.

There has been much speculation on if South Korea would ban cryptocurrency exchanges. Korean exchanges even disappeared on CoinMarketCap, shocking crypto markets and fueling speculation. With South Korea fast becoming a major player in crypto space and many people there already heavily invested on cryptocurrencies, it has become a controversial issue that people say may influence the local elections in the country.

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