Minister of South Korea, crypto trading will not be banned
South Korea does not intend to ban cryptocurrency trading, the country's finance minister has said.
In response to a question from a lawmaker on the government's plans for regulation of the industry, Kim Dong-yeon said, "there is no intention to ban or suppress cryptocurrency market".
Kim's comments come after the country has moved to increase scrutiny of cryptocurrency trading, to calm what it considers an overheated market.
Yesterday saw the introduction of new rules preventing the use of anonymous virtual accounts for trading, meaning individuals must use real names on bank and exchange accounts. Further, authorities said people not complying with the change face penalties.
Amid the government's moves to quell the market, statements from some officials had indicated that the country might be planning to ban cryptocurrency exchanges altogether – news that was linked to a sudden drop in the prices of many cryptocurrencies. South Korea is one the world's biggest markets for trading bitcoin and other digital currencies.
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If course they are not going to ban it. Crypto creates more liquidity in the markets for economic growth and they are just trying to figure out ways the govs can get a cut.