South Korea’s Finance Ministry Refuses to Support Cryptocurrency Trading Ban

Earlier today, on January 11, the South Korea Ministry of Justice reaffirmed that it is continuing to draft its cryptocurrency trading closure bill, which has been in the works since December 13.

In a statement, South Korea Attorney General Park Sang-ki said:

“The South Korean Ministry of Justice is considering the closure of cryptocurrency trading to bring cryptocurrency mania and speculation under control for investor protection.”

FUD Drives the Price of Cryptocurrencies Down

Previously, CCN reported that the South Korean government formed a task force composed of representatives from the South Korean Ministry of Strategy and Finance, Financial Services Commission, Ministry of Justice, Fair Trade Commission, and Financial Supervisory Commission, has been preparing a comprehensive bill that will effectively prohibit underaged investors and foreigners from trading cryptocurrencies within the South Korean market.

Source: CCN