Could South Korea Be Preparing to Follow China’s Footsteps With Crypto Exchange Ban?

Could South Korea Be Preparing to Follow China's Footsteps With Crypto Exchange Ban?

According to an article at South Korea could be looking to place a full ban on all Cryptocurrency Exchanges. This policy would be in line with what China now have in place:

A government official said on August 8, “We are actively considering ways to prohibit transactions on domestic exchanges by judging virtual currency trading as a deceptive means of deceiving people and similar currency transactions” under the penal code. 

According to the article another government official also said, “It is government’s intention to eradicate speculation by making transactions uncomfortable, even if it is not a total ban.

How much of this is hear say and speculation is currently unknown and this news on the back of previous news that South Korea maybe lifting a ban on ICO’s.

Senior Official Yong-beom of South Korea’s FSC said in a statement earlier this week:

“Bitcoin is complicated in its technology and investment method. So considering its risk and technology expertise, it is right for professional investors to do an ICO, not regular citizens who are not informed of its technology and complicity.”

This would indicate a slight change of heart surrounding ICO’s. What will actually happen is anyone’s guess, however regardless we have already seen what happens when one of the major Countries responsible for Crypto trading Volume unleashes a ban on Crypto exchanges, not a great deal, in fact since China introduced their ban we have seen Bitcoins value triple.


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