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    January 12, 2018

    South Korea’s Executive Office confirms no cryptocurrency ban is forthcoming

    South Korea no cryptocurrency ban

    South Korea’s Executive Office has officially confirmed there will be no cryptocurrency ban issued in the immediate future, despite warnings from the Ministry of Justice.

    Following on from news yesterday which saw the South Korean Ministry of Justice claim a total ban on cryptocurrencies was imminent, the country’s Executive Office has clarified that no such move has been planned.

    The development comes after more than 60,000 South Korean citizens signed a petition to fire the head of the Ministry of Justice, Park Sang-ki, who yesterday released a premature statement detailing that the nation’s government would move to ban cryptocurrency trading with the view of curbing speculative investment.

    Read: Citing use cases in emerging markets, Goldman Sachs quips cryptocurrencies are ‘real money’

    Reportedly, Park Sang-ki’s statement was issued without the consent of the Ministry of Strategy and Justice as well as other government agencies involved in the South Korean cryptocurrency regulation task force.

    In an earlier statement, a spokesperson from the task force offered that South Korea would follow regulatory paradigms set into place by other regions, stating that “The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”

    A recent report claims that representatives from the Korean Financial Services Commission have met with representatives from both Japan and China to discuss the mutual oversight of cryptocurrency investment.

    Should discussions prevail, the nation could move to co-operate with other countries in a bid to ‘reign-in’ speculative cryptocurrency investments.

    Read: Jamie Dimon ‘regrets’ calling Bitcoin a fraud, says ‘the blockchain is real’

    What are your thoughts? How should South Korean government move to foster the growth of cryptocurrency markets? Be sure to let us know your opinion in the comments below!

    Follow Bryan Smith on Twitter: @bryansmithSA

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