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South Korean Government Has Officially Announced There Will Be No Ban On Cryptocurrency Trading

Poster: STANCOBRIDGE | Date: 7:49am, 12th Jan 2018. | Views: 21 | 1 Replies
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STANCOBRIDGE. Jalingo, Taraba
7:49am, 12th Jan 2018.




The South Korean government have officially announced tbat there will be no ban on cryptocurrency trading. This is coming after a massive backlash and criticism against the Ministry of Justice, which independently announced its plans of banning cryptocurrency trading.

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.

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. Millions of South Korean citizens came out to the streets and surrounded the Blue House, until the court decided to finally process the impeachment.

Since then, the voice of the South Korean citizens has strengthened and the new government, led by the current President Moon Jae-in, vowed to listen to the people.

A spokesperson from the South Korean cryptocurrency task force stated that the country will follow the regulatory roadmap set by major regions like Japan and the US. Hence, it is highly unlikely that even in the long-term, there will be a ban. The spokesperson said:

“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.”





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