South Korea’s Finance Minister Kim Dong-yeon has disclosed that his government has no plans and will not ban cryptocurrencies in the country, Reuters is reporting.
In the latest update to the country’s ongoing regulatory re-examination of cryptocurrency exchanges, Kim strongly distanced Seoul from previous comments about a potential outright ban, which had caused public outrage earlier in the month.
“There is no intention to ban or suppress the cryptocurrency (market),” said Kim in a statement he made to the press on February 8th, 2018 in the country’s capital Seoul.
Kim and his cabinet counterpart Justice Minister Park Sang-ki caused uproars earlier this month while appearing at a press conference where they announced that a ban on cryptocurrency exchanges was in the works. Those statements sparked misleading media reports claiming that a total ban was certain, setting in motion a massive cryptocurrency sell-off.
On Tuesday morning, a petition was initiated against the two South Korean ministers to have them removed from their jobs. The petition garnered over 200 000 signatures necessitating a compulsory response from the government.
According to Cointelegraph, “The online petition calling the government to reconsider its stance on cryptocurrency regulation was started on the website of the South Korean presidential office on Dec. 28.”
Kim disclosed that regulatory steps are now a priority for lawmakers so that a proper framework will be put in place to govern the crypto market. News breaking from South Korea indicate that there has been a large customs crackdown on alleged illegal transactions involving cryptocurrencies.