The finance of South Korea has stated. “There is no intention to ban or suppress cryptocurrency (market).” No attempt will be made to ban cryptocurrencies or impose any unusual curbs on them.
This is huge news for the crypto community. South Korea is one of the largest traders of cryptos in the world, along with the United States, China, and Japan.
The original ban was proposed by the Ministry of Justice but found virtually no support throughout the rest of the government. The Office of the President even came out proposed ban.
Korea’s Fair Trade Commission chairman Kim Sang-Joo stated:
“[Shutting down cryptocurrency exchanges] is not realistically possible. Based on electronic commerce law, the government does not have the authority to close down cryptocurrency trading platforms.”
Great news for crypto investors everywhere!