Move to ban cryptocurrencies sparks uproar in South Korea
Move to ban cryptocurrencies sparks uproar in South Korea
South Korea to curb cryptocurrency speculation, but to support blockchain R&D
16 January, 2018, 11:21
Singapore has been positioning itself as a hub for fintech - or financial technology - but has urged "extreme caution" about trading in cryptocurrencies.
The government has been struggling to bring cryptocurrency speculation under control with a series of measures, including a regulation requiring real-name transactions in virtual currency trading, but the overheated market has shown few signs of cooling down.
He stressed that at the moment, the government would not be shutting down cryptocurrency trading.
"A government-wide decision will be made in the future after sufficient consultation and coordination of opinions".
The government reminded investors that the risks they take are their own and the government offers no protection from them.
The statement also noted that "virtual currency is not legal currency and nobody guarantees [its] value". "Therefore the prices could fluctuate sharply and massive losses [could be incurred depending] on illegal speculative investments and changes in domestic and overseas regulatory environments".
He said the Office for Government Policy Coordination will be at the center of coordinating the positions of government agencies regarding cryptocurrency.
The proclamation made reference to an announcement by Justice Minister Park Sang-ki the week prior, in which he claimed that the government was preparing a bill to prohibit the trade of virtual currencies through exchanges, causing alarm in the Korean cryptocurrency community. Park said that all government departments agreed to the decision.
This clarification on the government's stance follows comments last Thursday from South Korean Finance Minister Kim Dong-yeon, who said that the issue from relevant government departments.
In a hurried move to pacify the bewildered market, the government vowed Monday to tread carefully before making a final policy decision, suggesting that the recently mentioned shutdown of operators is unlikely under current circumstances.
Local pollster Realmeter said Monday that a 78.2 percent majority of respondents called for appropriate government measures on the unbridled cryptocurrency market, in a survey conducted Friday on 504 people with a confidence level of plus minus 4.4 percent.
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