We’ve No Plans To Ban Cryptocurrencies, S. Korea Says As It Uncovers $600 Million Illegal Trades.

We’ve No Plans To Ban Cryptocurrencies, S. Korea Says As It Uncovers $600 Million Illegal Trades. “South Korea does not have any plan to ban cryptocurrency exchanges,” the Finance Minister says. For more than one week, digital currency investors are worried. They are apprehensive that the government of South Korea will soon shut down cryptocurrency trade. By yesterday, the government, through the Ministry of Finance issues a statement. Kim Dong-Hyeon, the Finance Minister, reads a statement in behalf of the government. Kim says that the government does not have plans to ban digital coin exchanges .

What About The $600 Million Illegal Trades?

“There is no intention to ban or suppress cryptocurrency (market). Our full intention is to ensure that digital business is a clean business. The government’s immediate task is to regulate exchanges,” Kim says. Kim’s statement that comes out on Wednesday is a relief. But many local investors and those from around the world worry. They are not sure who to trust. In recent days, there are conflicting statements. These statements come from a different faction of the government. The government announces in January that it will impose a ban.

Digital Currency Will Have Tougher Rules

Later, when releasing rules, it says that it will introduce even tougher rules. On Wednesday, when issuing the last statement, the minister says another thing. He now says that there is no intention to ban exchanges. Kim even mentions China, saying that S. Korea will be tough on digital coins but not as China. Currently, there is no trade of digital currency. South Korea is a major hub for the trade of cryptocurrency. According to world rankings, the country is the third in digital currency trade. It is behind Japan and the USA.

Since the government releases new rules, it is uncovering illegal cryptocurrency foreign exchange. The government, through the ministry of finance, says that the illegal trade is worth $600 million.

Customs service is closely looking at illegal foreign exchanges

The report says, “Customs service is closely looking at illegal foreign exchanges. The illegal trading is using cryptocurrency as part of the government’s task force.” For many months leading to months, Seoul is in the forefront to push for regulations. Above all, this follows the surge in digital coin prices. Thanks to digital coins receiving extensive media coverage, many students join the bandwagon. Homemakers too engage in the business, which is happening in spite of warnings from policymakers.

Bitcoin Plummets To Its Lowest In 2018

During the first announcement, Seoul says that it will shut down all local exchanges. Following this announcement, all major digital coins shrink. After the announcement, the price of the Bitcoin plummets to its lowest in 2018. The coin shrinks to $9, 199. But after clarifying, the price starts to rise. The coin takes long before it comes backs to $10, 000. But it ends the month well above this level.

Later, officials clarified that the ban on local exchanges is the last option. For now, the government aims to streamline the sector. Much consideration goes to the client who the government says it intends to safeguard. Last week, South Korea fined eight exchanges that violate new regulations. Many are saying that the government is imposing strict rules. But the government maintains that it is for the better of investors.

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