South Korea Will Not Ban Cryptocurrency Trading

South Korea is not going to ban trading with cryptocurrencies, the finance minister of that nation said.

Answering to a question from a lawmaker about the government’s plans for industry regulation, Kim Dong-yeon said, “there is no intention to ban or suppress the cryptocurrency trading,” as reported by Reuters today.

Instead of following China’s initiative and taking the drastic step of closing domestic / local exchanges, the minister added: “Regulating exchanges is the immediate task of the government.”

Kim said that what the governement is trying to do is to provide greater security in these types of markets, this will benefit everyone. On the other hand it will reduce scams and overpriced markets.

Part of these implementations for greater security is to provide an identification to the Brokers to validate the data before starting to buy / sell cryptocurrencies. You can have control of who is  involved in the transaction and in this way minimize illegal trade, or have a record of that person in case of a crime.

This has caused confusion and fear in the South Korean market, reflected in the value of Bitcoin, Ripple and other Altcoins.

However, officials soon began moving to calm the markets, and the South Korean presidential office said on January 11 that a plan to ban commercial cryptocurrencies “is one of the measures prepared by the Ministry of Justice, but it was never finalized. ”

There are two different points of view, however the statement of the Minister of Justice is the one that has confused the market, since many users have thought that the cryptocurrency negotiations will be completely prohibited. Which is not true.

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