South Korea’s Blue House has clarified that there is not a cryptocurrency ban being considered by the country. Even though two Korean Bitcoin exchanges were raided, the government is not planning to ban cryptocurrency any time soon. They even further clarified that many different government organizations would be coordinating to fully allow regulated cryptocurrency trading.
Yu Yong-seok, a spokesperson for the South Korean Ministry of Justice clarified to Korean press that their previous words were not indicative of the entire South Korean government’s stance he said that the position that cryptocurrency was only used for gambling “[…] is a position of the Ministry of Justice, not a government position.”
South Korea cryptocurrency trading ban won’t be happening in the short term
The political party currently in the Blue House, the South Korean equivalent of the American White House, commented:
“The government announcement should be based on detailed reviews and coordination. If there is a problem, we should warn and prepare in advance. “The behavior we showed today was the opposite. Minister of Justice Park Sang-ki, who is responsible for the announcement today, has lost confidence.”
Some are even petitioning for Attorney General Park’s removal from office. The South Korean Ministry of Strategy and Finance additionally revealed that they first heard of the supposed Korean cryptocurrency trading ban of 2018 through media reports – and were shocked. Cryptocurrency is at a size now that individual arms of government can’t act alone. Even in the United States, the different statuses of Bitcoin in different regulatory bodies has somewhat stifled innovation, even just at the federal level not including individual states’ additional requirements such as the BitLicense.