Confusion In Korea: Ministry Of Finance Refuses To Support Cryptocurrency Trading Ban

Thursday, January 11, 2018
By Paul Martin

by Tyler Durden
Thu, 01/11/2018

Overnight, Bitcoin and the entire crypto sector took a major beating, falling as much as 11% after South Korea – one of the crytocurrency’s biggest markets – said it was drawing up laws to ban cryptocurrency trading. Specifically, South Korea’s Ministry of Justice reaffirmed that it is continuing to draft its cryptocurrency trading closure bill, which has been in the works since December 13. In a statement, South Korea Attorney General Park Sang-ki said:

“The South Korean Ministry of Justice is considering the closure of cryptocurrency trading to bring cryptocurrency mania and speculation under control for investor protection.”

This was in line with previous reports out of the country according to which the South Korean government formed a task force composed of representatives from the South Korean Ministry of Strategy and Finance, Financial Services Commission, Ministry of Justice, Fair Trade Commission, and Financial Supervisory Commission, has been preparing a comprehensive bill that will effectively prohibit underaged investors and foreigners from trading cryptocurrencies within the South Korean market, and will force all traders to trade under their real names to avoid money laundering.

However, where things get interesting is that in the hours after the surprise announcement by the Justice Ministry, South Korea’s Ministry of Strategy and Finance, a key member of the crypto task force, said that it does not agree with the “premature statement of the Ministry of Justice about a potential cryptocurrency trading ban.”

In a press conference, the South Korean Ministry of Strategy and Finance told local reporters that it had first heard of the Ministry of Justice’s cryptocurrency trading ban through media reports. The cryptocurrency task force participated by the central bank, MInistry of Finance, Ministry of Justice, and other agencies have not agreed upon the proposal.

“We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” MSF said according to the local Naver website.

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