On 15 January, during a press conference, the spokesperson for the president of the Republic of South Korea, Jeong Ki-Joon, has stressed that there will be no ban on negotiations of digital currency. In an official announcement, Jeong noted that the working group on the regulation of crypto-currency created by the government will improve and make changes to the original proposal of the ministry of Justice to prohibit the trade of virtual currency.
The statement by the spokesperson indicates that the government will continue the crackdown on anonymous accounts and punish the investors who will try to manipulate the market, to launder money or carry out fraudulent transactions.
Check out below a video explaining why South Korea is not going to ban crypto-currencies :
Foreign investors will be banned in South Korea
The prohibition of foreign investors and miners to negotiate crypto-currencies should be implemented on 20 January. By the end of this month, the business of digital currencies in south korea should reopen the registration for new investors. The declaration of the government of South Korea took place after several high-ranking officials, including Nam Kyung-Pil, a former member of Congress, has harshly criticized the government for their inability to understand and regulate properly in this market.
Source : Pixabay. Prohibition of the trade of Bitcoins for foreign investors.
Nam Kyung-Pil said that to consider the Bitcoin as a fraud would be an affront to the people of south korea. It is a condemnation without basis of crypto-currencies, he explained. The government should focus on the development of this sector, has added Mr. Nam.
A market full of potential
The main actors in the sector are optimistic about the new approach that the government takes to regulate and promote the local market.
A spokesman for Bithumb said to Yonhap News, during an interview, that of practical regulations are currently imposed and that the exchanges in South Korea, will be in accordance to new devices and policies to ensure transparency, fairness and market stability.
Source : NCC