South Korean Government Will Not Ban Bitcoin Trading

No Ban on Cryptocurrency Trading in South Korea

South Korea’s finance minister Kim Dong-yeon has announced the country will not be planning to ban cryptocurrency trading.  The price of bitcoin in Korea continues to fall.  Meanwhile, news has come out about $600 million of illegal trading has been going on in South Korea.  However, the news that the Korean government will not ban cryptocurrency trading is a great sign for investors who were worried that it would get shut down in Korea.

Positive Signs for Bitcoin in Korea

So South Korea is not going to ban bitcoin and other digital currencies.  All they are going to do is regulate it.  This should, in the long run, make it easier for residents and investors to get involved with cryptocurrency.  So in a way, this could be good news for bitcoin in Korea.  As more regulations are implemented for cryptocurrencies, the more people will trust it and use it.  This is going to make mass adoption a whole lot easier.

With all the news recently regarding Facebook’s banning of cryptocurrency ads and the security breaches in Japan.  It is great to hear at least some good news coming out of this industry.

A Change of Heart

Weeks ago there was a huge uproar in Korea after it was implied that the Korean government was going to ban cryptocurrencies in Korea.  It seems the Korean government has now taken a U-turn.  It is just looking like they want to regulate the industry.  Many feel this news is one of the main reason why Bitcoin’s value dropped close to 50% this month.  Koreans were selling bitcoin like crazy.  There was a petition of over 200,000 signatures to make sure Bitcoin and other forms of cryptocurrency are not banned.

Now the Korean government is in the process of setting up regulations for cryptocurrency trading.  The main concern in the Korean government in regards to bitcoin is its illegal use and anonymous trading.

“The customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force,” a statement from the Korean government announced.

It will be interesting to see where Korean Banks such as Kookmin, Shinhan, Woori, etc stands in regards to accounts for cryptocurrency exchanges.  That is will the next step after the Korean government sets the regulations and standards.

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, Head of Operations Korea at EOS Asia and the Global Marketing Director for Foresting.io. Email = john@startupradar.asia if you are interested in guest contributing and helping the Korean startup ecosystem. Wechat, Kakao, and Line user ID is jswy315

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