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No Decision Made on Cryptocurrency Exchange Ban: Korea’s Presidential Office

Last Updated March 4, 2021 5:03 PM
Samburaj Das
Last Updated March 4, 2021 5:03 PM

The executive office of the President of South Korea has issued a statement on the cryptocurrency trading closure bill currently in draft by the Ministry of Justice with the proposal to shut down all cryptocurrency exchanges in the country.

As Korea’s Justice Ministry makes an effort to put an end to cryptocurrency trading in the country, the Cheong Wa Dae (the Presidential Blue House) –  the executive office and official residence of President – has issued its own remarks on the proposed hardline ban after fielding over 1,000 public petitions against the shutdown of cryptocurrency exchanges, on its website.

Yoon Yang-chan, chief press secretary to South Korea’s President Moon Jae-in stressed that moves toward a blanket ban on the local cryptocurrency industry by the justice ministry is currently just one of several measures proposed, with a final decision yet to be made.

The official statement, as reported by Yonhap news , read:

“Justice Minister Park Sang-ki’s remarks regarding the shutdown of cryptocurrency exchanges is one of the measures that have been prepared by the Justice Ministry, but it is not a finalized decision and will be finalized through discussion and a coordination process with each government ministry.”

Earlier today, Korean justice minister Park Sang-ki markedly claimed the ministry is in the process of preparing legislation that would “basically ban any transactions on a virtual currency” through cryptocurrency exchanges. The official expressed “grave concerns” over the heightened adoption and “craze” among the general public for cryptocurrencies.

As reported by CCN.com in mid-December when Korea’s Justice Ministry first proposed a total ban on the trading of cryptocurrencies like bitcoin, the plan was certain to met opposition from within the government. And so it has proved, with the Ministry of Finance moving against the proposed ban.

“We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” MSF said.

The proposed bill for an outright, however likely or unlikely, will still require a majority vote among 297 members of the National Assembly before its turned to law, a process that could take a number of months or even years.

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