South Korea’s Presidential Office denies plans to ban cryptocurrency trading


Policymakers around the world struggle to
clamp down on crypto currency trading. Korea is no exception in trying to regulate
an asset whose value has skyrocketed over the last year. According to South Korea’s presidential office,
no final decision has been made. The remarks come on the heels of the Justice
Ministry’s announcement… of preparing a bill to ban bitcoin trading on domestic exchanges. It triggered a selloff of the virtualcurrency
on both local and offshore exchanges… sending prices plummeting. The Ministry’s press briefing prompted more
than 55-thousand Koreans to join a petition asking the presidential office to halt the
crackdown, making the Cheongwadae website intermittently unavailable due to heavy traffic.

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