South Korea could decide on cryptocurrency trading ban soon

South Korean authorities could be deciding as early as today what do they intend to do with cryptocurrency exchanges in the country – either ban them completely or just ban those who are violating the laws.

According to a report on Reuters, head of South Korea’s regulator Financial Services Commission Choi Jong-ku responded to questions raised by a parliament member at the national policy committee meeting. He said that the government is currently mulling a possible umbrella ban or banning of those exchanges that are violating the law.

The statement by the FTC of the country effectively means that the government is indeed taking the cryptocurrency exchange debate seriously and that they intend to become a uniform front on the subject. Reports had emerged last week that there are factions within the government that are in complete opposition of cryptocurrency exchanges and there are those who believe that they are not that bad.

On January 11 it came to light that the South Korean Ministry of Justice had reportedly confirmed a plan to shut down all cryptocurrency exchanges. However, comments from the South Korea’s Presidential Office that followed soon revealed that no such policy was finalized. Chances are that the meeting today could lead to a decision over cryptocurrency exchange regulation.

Elsewhere in the country today, South Korea’s central bank made a comment that may signal a different approach on how the country may make use of cryptocurrency and its underlying technology.

According to Reuters, Lee Ju-yeol, governor of Bank of Korea said in a news conference on Thursday that while cryptocurrency so far is not a legal currency, the bank has been involved in researching a central bank-issued cryptocurrency.

“We have started looking at virtual currency from a long-term standpoint, as central banks could start issuing digital currencies in the future. This sort of research has begun at the Bank of International Settlements and we are part of that research,” he said.

Marjory Lewis

Marjory is a science graduate with interest in new technological innovations. She has been attracted to blockchain from the very beginning and covers bitcoin and blockchain news for Bitcoin Journal.

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