Home / Crypto Currency / Korea’s Justice Ministry Softens Crypto Exchange Ban Proposal after Backlash

Korea’s Justice Ministry Softens Crypto Exchange Ban Proposal after Backlash


Korea won bitcoin cryptocurrency trading

Advertisement

Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.

The South Korean Justice Ministry has backpedaled somewhat on its proposal to brazenly shut down all domestic cryptocurrency exchanges following a public statement by the country’s Presidential Office.

Earlier today, South Korea’s Ministry of Justice organized a press conference wherein Justice Minister Park Seng-ki spoke of drawing up legislation to shutter local crypto exchanges in the country. The move would effectively halt trading of cryptocurrencies like bitcoin in the Korean market which resembled “gambling and speculation,” Park said in his briefing.

The official’s remarks have seen a backlash from everyday citizens petitioning – some 71,000 signatures and counting – against the proposed ban to such an extent that Korea’s Presidential office, through its chief press secretary, moved to issue a statement stressing that the proposed ban was “not a finalized decision.”

The Justice’s Ministry’s proposed ban hasn’t found support from within the government either. “We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” read an official statement from the government’s Ministry of Strategy and Finance.

Following the Presidential office’s public message, the Justice Ministry has since softened its stance on its ban proposal, to an extent. Stressing that it intends to complete the draft the cryptocurrency trading closure bill, the Justice Ministry said:

“The ministry has been preparing a special law to shut down all cryptocurrency exchanges, but we will push for it after careful consideration with related government agencies.”

As reported in December, any proposal to a blanket ban was certain to meet opposition within governmental ranks and it remains to be seen what curbs are to be enforced on Korea’s local cryptocurrency ecosystem, if any.

Elsewhere, South Korea’s primary financial regulator – the Financial Services Commission (FSC), is also unlikely to support any blanket ban on cryptocurrency trading. The regulator has long insisted on introducing regulations for the industry that will see licenses granted to bitcoin and cryptocurrency exchanges. “The government will push for the systemization of digital currency on a full scale in tandem with a global trend in the U.S., Japan and other countries,” said FSC chairman Yim Jong-yong in late 2016 when setting out to introduce embracive regulations.

Featured image from Shutterstock.

Follow us on Telegram.
Advertisement
Read more

Check Also

Bitcoin Cash Price Weekly Analysis: BCH/USD Extending Losses

Key Points Bitcoin cash price broke many supports and traded below $800 against the US Dollar. There is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair (data feed from Kraken). The pair is likely to continue its decline as long as it is below $850 and $900 resistance levels. Bitcoin cash price declined heavily below $900 against the US Dollar. BCH/USD may perhaps accelerate declines towards the $700 level in the near term. Bitcoin Cash Price Decline This past week, there was a major bearish reaction from the $910 resistance zone in bitcoin cash price against the US Dollar. The price started a major downside move and dropped below the $850 and $800 support levels. The decline was such that the price even broke the $750 support zone. A low was formed near $721 and the price is now trading well below the 100 simple moving average (4-hours). At the moment, the price is correcting higher and is trading near $740-750. The 23.6% Fib retracement level of the last decline from the $928 high to $721 low is acting as a resistance. On the upside, there are many hurdles for buyers around the $820 level. The stated level was a support earlier, and now it coincides with the 50% Fib retracement level of the last decline from the $928 high to $721 low. Moreover, there is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair. Looking at the chart, the price may face a lot of barriers near $820. On the downside, the recent low of $721 is a short-term support. A break below this could push the price towards the $700 handle. Looking at the technical indicators: 4-hours MACD – The MACD for BCH/USD is slowly reducing its bearish slope. 4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 30 level. Major Support Level – $700 Major Resistance Level – $820 The post Bitcoin Cash Price Weekly Analysis: BCH/USD Extending Losses appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.