South Korea Trading Ban Fears Brought Bitcoin Price To Fall Near $12,600, But No Decision Made Yet
Recent news says that South Korean tax regulators have launched investigations on major cryptocurrency exchanges in the country such as Bithumb and Coinone.
Then, the country's justice minister Park Sang-Ki has published a statement that the ministry is preparing a legislation to ban any cryptocurrency transactions through trading platforms.
However, the Finance Ministry refuses to support the said trading ban thus it is not going to happen as the bill has to be agreed upon by the majority of the members of the national assembly, which could take months or even years in the process.
After receiving backlash of more than 100,000 signatures from citizens petitioning against the proposed ban, Park Sang-Ki softened his stance on the ban saying they will just push it after careful consideration with related government agencies.
Also, the executive office of the President has issued a statement that no decision is made regarding the cryptocurrency exchanges ban.
After the trading ban fiasco, South Korean cryptocurrency markets started to recover again almost immediately.
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