OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says

in bitcoin •  last year

From Cointelegraph


The Blue House, the executive office and official residence of the South Korean President, has announced that there will be no cryptocurrency trading ban in the short-term.

No ban, all FUD
The South Korean government’s official announcement came after a massive backlash and criticism against the Ministry of Justice, which independently announced its plans of banning cryptocurrency trading. The Ministry did this without the consent of the Ministry of Strategy and Justice and other government agencies involved in the South Korean cryptocurrency regulation task force.

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.

Almost immediately after Minister Park released his statement, the Ministry of Strategy and Finance emphasized that it does not support or agree with the decision of the Ministry of Justice to ban cryptocurrency trading. It also added that the Ministry of Strategy and Finance only found out about the statement of Minister Park through media reports, and the decision to ban cryptocurrency trading was not agreed upon by the task force.

Read more: https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says

Damnit, I hate this FUD bullshit that always seems to come out of Asia. We were doing nice and slowly rising and then this shit has to happen. Even though they aren't banning crypto trading, the damage was done and momentum was hurt. I hope some of you at least got a good deal on some coins.

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One does not simply "ban" crypto currency trading in Korea

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Fake news is too much of a factor in crypto atm... sigh

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Cryptocurrency is unstoppable, not Korea, not anyone else!;)

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There's more to come... Asia loves FUD! I am from Asia too so I feel it. Our government love to create FUD.

Good to know! I think they were causing intentional FUD to get a better entry price ;)

It'll take time for things to regain momentum yet, but think of it like this - how many brand new people were exposed to the word "Cryptocurrency" in Asia of over this. I hope millions - so in the long term this could, actually help crypto growth - but in the short term it just looks like FUD. I think this is actually a long term win, a huge one at that.

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This will be a log term and short term win
We will never see crypto trading bands, you cannot b crypto trading that is like banning file sharing!

and we all saw what happened when the tried to ban bot torrent, you cannot ban a decentralized computer system, people will always keep the networks running!

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Agree 100%.

Wait you are right. These panics do get triggerred from the oriental world like all the time. Wonder what they are trying to achieve.

Just to force prices down, buy low then sell high when they come up? Too bad.

Great News!

False FUD again... Glad I BTFD.

This is actually a great example of how young this market is, the fact that It reacts so strongly to one statement that was not even true.

Relief after a long and ruthless bloodshed. Everything went down so fast.

Thanks for the information

it's bad news , and i think it's the reasons of bitcoin price lower

All this news are engineered, to me Bitcoin will go up again, but to go up, will have to take out, lots of peoples, there are Banks in the market, and big holders, they are accumulation, but before will kill who would otherwise make money with them, and for sure they dont want that....I think we will have high odds to go to 7-8k, on other super bad news, then they will recapitulate, and should be bottom there, and get up again from there, then put good news in the market, bla bla, etc

The market correction that was caused was healthy in my opinion, all bull runs need a good consolidation.

2018 is going to be a great year for cryptos, I think we should just hold the way through it and reap the rewards later!

noooooooooooooo!! Hargrrrrrr

It's huge how the decisions of authoritarian governments like South Korea affect the value of cryptocurrencies, just think how many citizens stop using them at these regulations. It's awesome! In such a way that the balance between supply and demand is balanced.

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