The minister responsible for releasing the bill, from the Korean Ministry of Justice, which would have banned all crypto and its trade in Korea, is on the verge of being fired amid huge public backlash. With the president personally announcing that the bill and any potential ban on crypto not a possibility in the near future. many traders and holders breathe a sigh of relief.
“The Justice Ministry’s premature statement on cryptocurrency trading ban was a mockery of the Korean people. President should apologize to the people and have Justice Minister take responsibility of it.
SYoo Eu Dong Bareun Party Spokesperson
As we reported previously the ministry of justice in Korea had released a draft of a bill which has the power to put a end to all crypto trade in the country. Having a potentially devastating effect on a global and local scale.
In an official announcement, South Korean government reaffirms there will be NO TRADING BAN for #cryptocurrency market in the short term and NOTHING IS FINALIZED.
— Joseph Young (@iamjosephyoung) January 11, 2018
Impact On Bitcoin Markets
Bitcoin prices after tumbling to just above $13000 earlier this week, have recovered significantly to $14500 ( at the time of writing). Marking a increase of over 4.5% within 25 hours. markets have been moving from strength to strength as the panic selling occurring earlier this week slows down. Trading volumes also fell significantly from $18 Billion to $12 Billion as confidence increased among holders of bitcoin. South Korea has essentially sealed itself a place as a future bitcoin hotspot considering the cryptocoin is hot news among the nation.
To conclude, bitcoin and other crypto are likely to remain legal and unbanned in south Korea for the forecastable future,. The volume of petitions, in an excess of 100,000 combined with the statement from the president have ensured that the state remains open to development and potential regulation, in the form of tax, on crypto.