South Korea Isn’t Banning Cryptocurrency Trading – For Now
South Korean media outlet The Hankyoreh reports that the country won’t enforce a ban on cryptocurrency trading nationwide in the near future.
This news reported after South Korean authorities set tax evasion on cryptocurrency trading in the country. After those incidents the biotin value dropped by 10 %.
South Korean Justice minister is at risk of losing his job, because he earlier said that government is working on a bill to ban cryptocurrency trading in the country. Due to this event more than 60,000 citizens made a petition, giving a view to remove the minister from his job.
It’ll be interesting to see how South Korea proceeds to manage domestic cryptocurrency exchanges from here on out. The raids from earlier this week were believed to have been conducted in connection with auditing payable taxes and KYC processes. A spokesperson from the cryptocurrency task force told ChosunBiz that the plan is to follow regulatory plans laid out by other countries whose populations are majorly interested in the technology – so it’s possible that the country may not want to ban virtual currencies anytime soon after all.