Turns out that South Korea’s Justice Minister, Park Sang-ki, who said South Korea would ban cryptocurrency has now been sacked. The forward-thinking country has a committee looking at cryptocurrency called the Ministry of Strategy and Finance who is responsible for these things. This minister was nothing to do with it. Although he confidently claimed in a press conference:-
There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.
It turned out this was not actually true. The truth is that South Korea although cautious about cryptocurrency is actually embracing it (wise move!).
A representative of the country’s crypto task force stated:-
“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”
So that was as Donald Trump calls it, fake news.
This will do crypto a lot of good because markets did fall all over on the original announcement.
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