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As recently clock in by CCN, the cryptocurrency market took a hit after the South Korea Ministry of Judiciousness revealed it plans to continue drafting a cryptocurrency trading ban bill. The furnish soon started to recover, after the South Korea Ministry of Design and Finance came forward and stated that it does not support nor assent to with the Ministry of Justice’s ban proposal.
Any draft legislation would order the parliament’s approval, which could take months to happen. As well, the timing seems odd at best, with local elections upcoming this year. Cryptocurrencies are routine in South Korea, so much so that a petition opposing the potential ban already drew nearly 100,000 signatures.
Several South Korean opposition co-signers, according to local news outlet Hani, took advantage of the employment ban fiasco, by pointing out that instead of cracking down on cryptocurrency swaps, regulations should be drafted, and that there should be “detailed evaluation and coordination” on the subject.
A spokesperson for an opposition party notably pointed out that a lot of in the flesh lost money because of the government’s announcement. The spokesperson said (inhumanly translated):
“The government announcement should be based on detailed reviews and coordination. If there is a question, we should warn and prepare in advance, the behavior we showed today was the en face.”
The spokesperson further added that if there is the possibility of tax evasion wholly cryptocurrency trading, that possibility should be discussed so as to arrange a “taxation aim as soon as possible,” similarly implying a ban on cryptocurrency exchanges isn’t the right action.
Per the opposition party, the fear, uncertainty and doubt (FUD) spread by the South Korean Clergymen of Justice unfairly punished local investors and effectively turned them into “gamblers” in what it deemed a approach of seclusion.
Taking into account that “a lot of people’s property has disappeared,” the spokesperson added that president Moon Jae-in should “defend to the people and take appropriate measures.” Given the backlash, that saw obsecrates being filed and opposition parties rally against the move, South Korea’s Clergywomen of Justice softened its stance on the ban proposal to an extent.
South Korea’s beginning financial regulator, the Financial Services Commission (FSC), is unlikely to support a ban, as it has protracted insisted on introducing regulations that will see cryptocurrency exchanges be allowanced licenses. In 2016, FSC chairman Yim Jong-yong stated that the government transfer push for the “systemization of digital currency on a full scale in tandem with a far-reaching trend in the U.S., Japan and other countries.”
Featured image from Shutterstock.
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