Its Thursday evening and you are back at it again staring at the charts. You are sitting there pondering to yourself, why is the price dropping again and why did I go all in at $15,000. At the time of…
Reuters reports that policymakers in South Korea’s parliament said that they’re considering shutting down domestic cryptocurrency exchanges, following the steep plunge in value of major virtual currencies over the past couple of days.
The news comes just days after we heard just the opposite. After South Korean law enforcement agencies raided the offices of local cryptocurrency exchanges to investigate alleged tax evasion last week, various government bodies including the official residence of the President announced that trading wouldn’t be banned in the country the next day.
The South Korean government will not impose a ban on cryptocurrency trading after all, contrary to the claims of Park Sang-ki, the head of the Justice Ministry.
In an official announcement, South Korean government reaffirms there will be NO TRADING BAN for #cryptocurrency market in the short term and NOTHING IS FINALIZED.
A petition to fire the head of the Ministry of Justice over the #cryptocurrency trading fiasco filed. pic.twitter.com/tb5tDvIV2K
— Joseph Young (@iamjosephyoung) January 11, 2018
Earlier on January 11, Justice Minister Park stated that the Justice Ministry is drafting a bill that would effectively ban cryptocurrency trading for both foreigners and citizens. In a press conference, Justice Minister Park emphasized that the ministry plans to control speculation in the cryptocurrency market by outright banning cryptocurrency trading.
Immediately after the statement of Justice Minister park was released, the Ministry of Strategy and Finance noted that it was only made aware of his statement through media reports and that it does not reflect the viewpoint of the government. The Ministry of Strategy and Finance went on to say that the agency does not support and agree with the premature statement Justice Minister Park.
The cryptocurrency market has begun to recover after the South Korean cryptocurrency trading ban controversy led the market valuation of cryptocurrencies to fall by more than $100 billion.
Cryptocurrency Market Starting to Recover
Almost immediately after the South Korea Ministry of Justice revealed its plans to continue drafting a cryptocurrency trading ban bill, the price of almost all cryptocurrencies in the global market plunged in value. Merely hours later, the South Korea Ministry of Strategy and Finance publicly stated that it does not support and agree with the cryptocurrency trading ban proposal by the Ministry of Justice.
Move comes less than two weeks after high-profile digital currency exchange in Seoul was hacked and went bankrupt