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Yonhap concludes. "Not only are there no legal grounds for shutting down exchanges

Time:2018-01-16 04:27Shoes websites Click:

bitcoin South Korea plan delays

World governments are taking different approaches because there are still so many uncertainties as the new blockchain technologies that are the backbone of cryptocurrencies make it hard to predict the future.

The second act, deep in the middle of a cold South Korean winter, came Thursday when South Korea's justice minister announced at a press conference that the country would ban cryptocurrency trading outright because of "great concerns regarding virtual currencies".

Although the Office for Government Policy Coordination may have rolled back the justice minister's statement, this doesn't mean that cryptocurrency exchanges in the country are in the clear. The respondents believe that the government's move to regulate cryptocurrency is against the "flow of the high-tech industry". The remark sent cryptocurrency prices plummeting and sparked angry reactions from investors. But the perceived flip-flop led to criticism that the government is handling the matter in an amateurish manner.

"Monday's announcement suggests that a shutdown is not likely in the near future", Yonhap concludes.

"Not only are there no legal grounds for shutting down exchanges, but the government also needs to know that there are already close to 3 million Koreans who consider cryptocurrencies as assets, so it's going to be hard to reach a consensus on regulations", said Lee Byung-tae, professor of business administration at KAIST.

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The policy coordination office renewed a warning about the risks associated with virtual currency trading. South Korea is home to one of the world's biggest private bitcoin exchanges, with more than 2 million people estimated to own some of the best-known digital currency.

Despite a strong response to speculation and other unlawful activities, Jung said the government will provide research and development support to foster blockchain, the underlying technology behind cryptocurrencies.

Officials at Shinhan Bank and NH Bank said they will continue to offer virtual accounts for cryptocurrency trading in line with financial authorities' guidelines.

The government on Jan.15 softened its stance on cryptocurrency trading, saying that while real-name transactions will continue to be mandatory, shutting down exchanges is not yet being considered.

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