The Ministry of Finance has stated that it doesn’t support the initiative of the Ministry of Justice to forbid the cryptocurrency exchanges in South Korea.
Ministry of Justice prepares the law on the ban of activity of the cryptocurrency exchanges. But it appears, not all in the government support such an initiative.
The representative of the South Korean Ministry of Finance denied such a fact:
“We consider the ban of the cryptocurrency exchanges’ activity to be a too strict action and we don’t share the Ministry of Justice’s opinion on this matter”
So who will win and what will happen next in South Korea? And how it will affect the cryptocurrencies’ rate?
We still believe that there will be no ban. China is a great example to demonstrate the results of such a inefficient decision. Users will anyway find the opportunity to trade, but at the international exchanges, not the local ones. Moreover,one of the requirements of Ministry of Justice is the refusal of traders and banks’ anonymity, who trade in cryptocurrencies. Taking into consideration the fact, that most of the exchanges and services are already planning to implement these plans, it shouldn’t become a stumbling block in arrangements between trading platforms and the government.