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South Korea Will Not Prohibit Cryptocurrency Trading

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A official of South Korean goverment, Jeong Ki-joon, made an official statement about the government measures against to the cryptocurrency. According to him, the authorities do not intend to prohibit cryptotrading, and also fully support the development of blockchain tech.

"First, the South Korean government will crackdown anonymous cryptotrading and hold accountable for market manipulation, money laundering and fraudulent transactions. Second, the ban of crypto trading, proposed by Justice Minister Park Sang-ki, would discussed and finalized by a special working group. Thirdly, excessive speculation and fraudulent activities will be severely punished. However, the government will support and even finance the development of blockchain technology," said Jeong Ki-joon.

As tweeted journalist Joseph Young:

South Korean government released an official statement today:

1. Will heavily crackdown on market manipulation and money laundering.
2. No trading ban, task force will come up with better regulations.

Earlier, South Korean Minister of Science and Technology said that the recent tightening of the state policy on trade in cryptocurrencies will not affect the development of blockchain technologies in the country. According to him, the blockchain and cryptocurrency looked at individually, and his Agency "will endeavor" to promote the development of innovative technologies.

We will remind, last week around the statement of the Minister of justice of South Korea Park Sang-ki the bill to ban the activities of cryptocurrency exchanges sparked political conflict between the current government and opposition. Against this background, the bitcoin price fell below $13 000.

Subsequently, the Ministry of economy of South Korea announced that "nothing is decided yet".

We will remind, as it became known yesterday, an anonymous cryptotrading in South Korea could face penalties.