OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says

The Blue House, the executive office and official residence of the South Korean President, has announced that there will be no cryptocurrency trading ban in the short-term.

No ban, all FUD

The South Korean government’s official announcement came after a massive backlash and criticism against the Ministry of Justice, which independently announced its plans of banning cryptocurrency trading. The Ministry did this without the consent of the Ministry of Strategy and Justice and other government agencies involved in the South Korean cryptocurrency regulation task force.

According to the Blue House, more than 60,000 citizens voted in a petition to fire the head of the Ministry of Justice Park Sang-ki, who released a premature statement earlier today, on January 11, that the government will implement a policy to shut down cryptocurrency trading.

Almost immediately after Minister Park released his statement, the Ministry of Strategy and Finance emphasized that it does not support or agree with the decision of the Ministry of Justice to ban cryptocurrency trading. It also added that the Ministry of Strategy and Finance only found out about the statement of Minister Park through media reports, and the decision to ban cryptocurrency trading was not agreed upon by the task force.

In 2016, former South Korean President Park Geun-hye, who is currently in jail for money laundering and corruption charges, was impeached by the people of the country who strongly voiced out their opposition against the former president…

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