The government of South Korea has decided to confirm once again the fact that it will not impose a ban on the cryptocurrency market. This has been quite a debated topic on the market lately, with the Ministry of Justice previously saying that cryptocurrency trading could be banned.
The announcement made by the Ministry of Justice has definitely led to a lot of fear on the market, as well as to a decrease in the price of several cryptocurrencies. The South Korean government then managed to calm people down by saying that there will be no ban in the near future.
South Korea’s authorities say a ban will not be introduced in the near future
Now, the president of the country confirmed that people can relax as South Korea will not ban cryptocurrencies. The President, Moon Jae-in, made this statement through its executive office Blue House spokesperson.
The statement of spokesperson Jeong, translated at CCN, said that a working group formed by the government will look into the proposal made by the Justice Ministry.
The proposal to ban cryptocurrency trading that will eventually shut down the cryptocurrency market will be improved and modified by this working group. The statement said that this does not mean that the country’s authorities will not continue to look into the cryptocurrency market and will not punish activities that are against the law.
The government will continue to work to stop anonymous trading and will punish under the law wrongdoings such as market manipulation, money laundering and fraudulent transactions, or similar criminal activities.
The statement explained that the proposal made by the Justice Ministry aimed to reduce speculation on the cryptocurrency market and keep it under control. This proposal will be discussed by the working group, also called task force, and will be improved.
The members of this task force are the Ministry of Strategy and Finance, the country’s central bank and the Fair Trade Commission, among others.
In the statement, the government also claimed that it will support and also it will finance activities such as blockchain technology development.