South Korea's Ministry of Justice Makes New Stance on Cryptocurrency Ban

The Ministry of Justice in South Korea has decided to somewhat soften his stance on the cryptocurrency market. After being under a lot of criticism for a previous announcement that the country will ban cryptocurrency trading, now, the Justice Ministry has taken a more neutral attitude.

The Justice Ministry previously proposed to shut down all cryptocurrency exchanges that activate in the country. The authority stated that intervention on the cryptocurrency market was a must. Well, the Presidential Office of South Korea did not agree with the Justice Minister, Park Seng-ki, and recently said that he expressed only his personal views and not the views of the authority.

The Presidential Office previously said there will be no ban in the near future

The Presidential Office also calmed people down by saying that there will be no ban on cryptocurrency trading in the near future. Of course, a reaction was expected from the Justice Ministry and that reaction came now.  The Ministry of Justice did not claim that it will stop pursuing a ban, but said that  it has been working on a proposal for closure and the draft will be ready in the near future.

The Ministry called this draft a "special law to shut down all cryptocurrency exchanges." The authority claimed that although the draft might be ready, it will be supported and even implemented after all government agencies are consulted.  Full News Report here

The Financial Services Commission might be one of the third parties that have to be consulted on the proposed law. However, local media reported that the commission is very unlikely to support a ban on the cryptocurrency market. Overall, the government has also previously said that it does not support the proposal.

The Ministry of Strategy and Finance recently said that it does not "share the same views as the Ministry of Justice." Furthermore, people in South Korea impressed with quite a big mobilization after the Ministry of Justice first announced intentions to halt trading. Citizens delivered a petition signed by no less than 71,000 people against the proposed ban.